PEMBROKE, Bermuda, Oct. 19 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC; BSX: TYC) today announced that holders of its Liquid Yield
Option(TM) Notes due 2020 (Zero Coupon-Senior) (the "LYONs") have the right
to surrender their LYONs for purchase during a period that begins today and
ends on Monday, November 19, 2007. Pursuant to the indenture under which
the LYONs were issued in November 2000, each holder of the LYONs has the
right to require Tyco to purchase, until 5:00 p.m. Eastern Time on Monday,
November 19, 2007, such holder's LYONs at a price equal to $823.44 per
$1,000 principal amount at maturity of the LYONs.
Under the terms of the LYONs, Tyco will purchase any tendered LYONs
solely with cash. The aggregate principal amount due at maturity for all
outstanding LYONs is approximately $2.13 million. If all outstanding LYONs
were surrendered for purchase, the aggregate cash purchase price would be
approximately $335,963.52. Tyco intends to use available funds to
repurchase the LYONs.
In order to surrender LYONs for purchase, holders must deliver a
purchase notice to U.S. Bank National Association (successor trustee to
State Street Bank and Trust Company, N.A.) -- the trustee and paying agent
for the LYONs -- on or before 5:00 p.m. Eastern Time on November 19, 2007.
Holders may withdraw any LYONs previously surrendered for purchase at any
time prior to 5:00 p.m. Eastern Time on November 19, 2007.
Tyco filed a Tender Offer Statement on Schedule TO with the Securities
and Exchange Commission today. Tyco will make available to LYONs holders --
through the Depository Trust Company -- documents specifying the terms,
conditions and procedures for surrendering and withdrawing LYONs for
purchase. LYONs holders are encouraged to read these documents carefully
before making any decision with respect to the surrender of LYONs, because
these documents contain important information regarding the details of
Tyco's obligation to purchase the LYONs.
The LYONs are convertible into 2.575 Tyco Common Shares per $1,000
principal amount at maturity of LYONs -- subject to certain conditions set
forth in the indenture and in the LYONS, and subject to adjustment under
certain circumstances.
This press release does not constitute an offer to purchase the LYONs.
The offer to purchase is made solely by Tyco's company notice dated October
19, 2007.
ABOUT TYCO INTERNATIONAL
Tyco International (NYSE: TYC) is a diversified, global company that
provides vital products and services to customers in more than 60
countries. Tyco is a leading provider of security products and services,
fire protection and detection products and services, valves and controls,
and other industrial products. Tyco completed the spin-off of its
healthcare and electronics businesses on June 29, 2007 and today has annual
revenues of more than $18 billion and 110,000 employees. More information
on Tyco can be found at http://www.tyco.com .
NOTE: "Liquid Yield Option" and "LYONs" are Trademarks of Merrill Lynch
& Co., Inc.
FORWARD-LOOKING STATEMENTS
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations
and are subject to risks, uncertainty and changes in circumstances, which
may cause actual results, performance or achievements to differ materially
from anticipated results, performance or achievements. All statements
contained herein that are not clearly historical in nature are
forward-looking and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended to
identify forward-looking statements. The forward-looking statements in this
release include statements addressing the following subjects: future
financial condition and operating results. Economic, business, competitive
and/or regulatory factors affecting Tyco's businesses are examples of
factors, among others, that could cause actual results to differ materially
from those described in the forward-looking statements. Tyco is under no
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise. More detailed information about
these and other factors is set forth in Tyco's Annual Report on Form 10-K
for the fiscal year ended Sept. 29, 2006, and Quarterly Report on Form 10-Q
for the quarterly period ended June 29, 2007.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261,
pfitzhenry@tyco.com, or Investor Relations, Ed Arditte,
+1-609-720-4621, or Karen Chin, +1-609-720-4398, all of Tyco
International Ltd.
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