Tyco International seeks tenders, consents for three series of convertibles

By Laura Lutz

Des Moines, April 27 - Tyco International Ltd. and subsidiary Tyco International Group SA launched a tender offers and consent solicitations for three series of convertibles.

The offers apply to $750 million principal amount of 3.125% convertible senior debentures due 2023 of Tyco International Group; $692,700 principal amount of 0% Liquid Yield Option Notes due 2020 of Tyco; and $35,000 principal amount of 0% convertible debentures due 2021 of Tyco International Group.

The company is connecting the offers as part of its planned separation into three separate companies. The consent solicitations seek consents for some clarifying amendments to the note indentures.

The offers and consent solicitations will expire at midnight ET on May 24.

For each $1,000 principal amount of 3.125% debentures, the payout will be $62.50 plus 45.9821 times the 10-day volume-weighted average price of Tyco's shares on May 22.

The payout for each $1,000 principal amount of LYONs will be $827.71, equal to the accreted value of the notes on the estimated payment date plus $10.00.

The payout for each $1,000 principal amount of 0% debentures will be $824.83, equal to the accreted value of the notes on the estimated payment date plus $10.00.

Goldman, Sachs & Co. (800 828-3182 or 212 902-9077) and Morgan Stanley (212 761-1941 or 800 624-1808) are the dealer managers. Global Bondholder Services Corp. (866 470-3700 or collect 212 430-3774) is the information agent.

Based in Pembroke, Bermuda, Tyco produces electronics, fire and security, health care and engineered products and services.

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