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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
Tyco buys back $932 million convertibles
New York, May 3 - Tyco International Ltd. said it bought back $932 million of its convertible debt securities during the second fiscal quarter.
The Pembroke, Bermuda-based diversified manufacturer used $1.5 billion of cash for the repurchases.
Through the buyback, Tyco reduced its fully diluted shares outstanding by 42 million and took a $573 million charge, or $0.26 per share.
Since it began the repurchases in the fourth fiscal quarter of 2004, Tyco has bought back $1.7 billion of convertibles for $2.6 billion of cash.
"We accelerated our convertible repurchase activity in the second quarter," said chairman and chief executive officer Ed Breen in a news release.
"Over the past three quarters, our repurchases have reduced our share count by 3.4%. Assuming attractive pricing, we expect to continue to repurchase additional convertible securities over the balance of this fiscal year."
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