Tyco Announces Commencement of Tender Period for LYONs(TM) Due 2020
October 19 2005 - 12:33PM
PR Newswire (US)
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 Thursday, Nov. 17,
2005. Pursuant to the indenture under which the LYONs were issued
in November of 2000, each holder of the LYONs has the right to
require Tyco to purchase, until 5:00 p.m. Eastern Time on Thursday,
Nov. 17, 2005, such holder's LYONs at a price equal to $799.19 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 $1.70 million. 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 Thursday, Nov. 17, 2005. Holders may withdraw any LYONs
previously surrendered for purchase at any time prior to 5:00 p.m.
Eastern Time on Thursday, Nov. 17, 2005. 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 10.3014 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
Oct. 19, 2005. ABOUT TYCO INTERNATIONAL Tyco International Ltd. is
a global, diversified company that provides vital products and
services to customers in five business segments: Fire &
Security, Electronics, Healthcare, Engineered Products &
Services, and Plastics & Adhesives. With 2004 revenue of $40
billion, Tyco employs approximately 250,000 people worldwide. 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. 30, 2004, and Quarterly Report on Form 10-Q for the
quarterly period ended July 1, 2005. Media Relations Investor
Relations Sheri Woodruff Ed Arditte 609-720-4399 609-720-4621 John
Roselli 609-720-4624 DATASOURCE: Tyco International Ltd. CONTACT:
Media Relations: Sheri Woodruff, +1-609-720-4399, , or Investor
Relations: Ed Arditte, +1-609-720-4621, or John Roselli,
+1-609-720-4624, all of Tyco International Ltd. Web site:
http://www.tyco.com/ Company News On-Call:
http://www.prnewswire.com/comp/897850.html
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