Tyco Electronics unit gets tenders for $470.37 million of convertibles

By Susanna Moon

Chicago, Jan. 24 - Tyco Electronics Ltd. announced the expiration of purchase offers by its wholly owned subsidiary ADC Telecommunications, Inc. at 5 p.m. ET on Jan. 21.

Investors tendered $470,371,000 of three series of convertible notes:

• $197,596,000 of ADC's $200 million of floating-rate convertible subordinated notes due 2013;

• $54,624,000 of its $225 million of 3.5% convertible subordinated notes due 2015; and

• $218,151,000 of its $225 million of 3.5% convertible subordinated notes due 2017.

ADC expected to pay for the notes Jan. 24.

U.S. Bank NA (800 934-6802) is the paying agent.

ADC said on Dec. 9 that it entered into first supplemental indentures with trustee U.S. Bank to amend the terms of the three series of convertibles.

The securities are no longer convertible into ADC shares and instead are convertible into an amount of cash equal to a payment the holder would have received if the notes had been converted immediately prior to the company's plan of merger.

On July 12, 2010, ADC entered into an agreement and plan of merger with Tyco Electronics Ltd. and Tyco Electronics Minnesota, Inc., under which the Minnesota corporation tendered for all outstanding common shares of ADC at a purchase price of $12.75 per share in cash, without interest.

ADC is an Eden Prairie, Minn., company focused on communications.

Tyco Electronics is a Schaffhausen, Switzerland-based provider of engineered electronic components, network solutions, undersea telecommunication systems and specialty products. It has U.S. offices in Berwyn, Pa.

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