By Andrea Heisinger
New York, Jan. 6 - Tyco International Finance SA priced an upsized $750 million of 8.5% 10-year notes Tuesday to yield Treasuries plus 681.9 basis points, according to market sources and an FWP filing with the Securities and Exchange Commission.
The size was originally $500 million, a source said.
The notes (Baa1/BBB+/BBB+) priced at 99.997 to yield 8.5%. They have a make-whole call of Treasuries plus 50 bps.
The notes are putable on July 15, 2014 at par plus accrued interest.
Active bookrunners were Citigroup Global Markets Inc. and Morgan Stanley & Co., Inc. Passive books were Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and UBS Investment Bank.
Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities Inc.
Proceeds will be used for general corporate purposes.
The subsidiary of security, fire protection and industrial products company Tyco International Ltd. is based in Bermuda, with a U.S. office in Princeton, N.J.
| Issuer: | Tyco International Finance SA
|
| Guarantor: | Tyco International Ltd.
|
| Issue: | Unsecured notes
|
| Amount: | $750 million, upsized from $500 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners | Citigroup Global Markets Inc., Morgan Stanley & Co., Inc. (active), Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., UBS Investment Bank (passive)
|
| Co-managers: | Barclays Capital Inc., BNP Paribas Securities Corp., J.P. Morgan Securities Inc.
|
| Coupon: | 8.5%
|
| Price: | 99.997
|
| Yield: | 8.5%
|
| Spread: | Treasuries plus 681.9 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Put: | July 15, 2014 at par plus accrued interest
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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