TYC - cash payment on debt
January 09 2003 - 12:19PM
UK Regulatory
RNS Number:0013G
Tyco International Ld
09 January 2003
FOR IMMEDIATE RELEASE
TYCO ELECTS TO USE CASH TO PURCHASE CONVERTIBLE DEBENTURES
Pembroke, Bermuda - January 9, 2003 - Tyco International Ltd. (NYSE - TYC, BSX -
TYC, LSE - TYI) today announced its intent to purchase, through its wholly-owned
subsidiary, Tyco International Group S.A., Tyco International Group's Zero
Coupon Convertible Debentures due February 12, 2021 with cash. Under the terms
of the debentures, Tyco has the option to pay for the debentures with cash, Tyco
common shares, or a combination of cash and shares. Tyco has elected to pay for
the debentures solely with cash.
If all outstanding debentures are surrendered for purchase, the aggregate cash
purchase price will be approximately $1,850,809,508. It is anticipated that
debenture holders' opportunity to surrender debentures for purchase will
commence on January 14, 2003, and will terminate on February 12, 2003. Under
the terms of the debentures that may be surrendered for purchase, Tyco is
required to pay for all debentures surrendered during such time period.
This announcement is neither an offer to purchase nor a solicitation of an offer
to sell the debentures. On the date debentures may first be surrendered for
purchase, Tyco will file a Schedule TO with the SEC and will give notice to
debenture holders specifying the terms of Tyco's obligation to purchase the
debentures. Debenture holders are encouraged to read these documents carefully
before making any decision with respect to the surrender of debentures, because
these documents will contain important information regarding the details of
Tyco's obligation to purchase the debentures.
About Tyco International Ltd.
Tyco International Ltd. is a diversified manufacturing and service company.
Tyco operates in more than 100 countries and had fiscal 2002 revenues from
continuing operations of approximately $36 billion.
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 (the
"PSLRA"). 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. The PSLRA
safe harbor for forward-looking statements, however, does not apply to
forward-looking statements made in connection with a tender offer, including
debenture holders' right to surrender debentures for purchase.
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 September 30, 2002. 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.
# # #
Contact: Gary Holmes (Media)
212-424-1314
Kathy Manning (Investors)
603-778-9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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