By Andrea Heisinger
New York, April 28 - Tyco International Finance SA sold $500 million of 3.375% five-year unsecured notes by mid-afternoon on Wednesday to yield Treasuries plus 95 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
There was no official price talk for the deal, a source said, but it was whispered in the 100 bps area after looking at a couple of the company's outstanding bonds.
The notes (Baa1/A-/BBB+) priced at 99.676 to yield 3.441%.
There is a make-whole call at Treasuries plus 15 bps and a change-of-control put at 101%.
The notes are guaranteed by parent company Tyco International Ltd.
Citigroup Global Markets and Goldman Sachs & Co. ran the books.
Co-managers on the deal were Bank of America Merrill Lynch, Barclays Capital, BNP Paribas Securities, Deutsche Bank Securities, J.P. Morgan Securities, Morgan Stanley & Co., UBS Investment Bank, Cabrera Capital Markets and Williams Capital Group.
Proceeds are being used to redeem 6.375% notes due October 2011.
The diverse industrial company is based in Schaffhausen, Switzerland, and Luxembourg.
| Issuer: | Tyco International Finance SA
|
| Issue: | Unsecured notes
|
| Guarantor: | Tyco International Ltd.
|
| Amount: | $500 million
|
| Maturity: | Oct. 15, 2015
|
| Bookrunners: | Citigroup Global Markets, Goldman Sachs & Co.
|
| Co-managers: | Bank of America Merrill Lynch, Barclays Capital, BNP Paribas Securities, Deutsche Bank Securities, J.P. Morgan Securities, Morgan Stanley & Co., UBS Investment Bank, Cabrera Capital Markets, Williams Capital Group
|
| Coupon: | 3.375%
|
| Price: | 99.676
|
| Yield: | 3.441%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 28
|
| Settlement date: | May 5
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Price talk: | 100 bps area (whispered)
|
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