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Tyco calls series A 2.75% convertibles
New York, Feb. 21 - Tyco International Ltd. said it will redeem the 2.75% series A convertible senior debentures due 2018 issued by its Tyco International Group SA subsidiary on March 8.
The Pembroke, Bermuda, diversified company will pay 101.1% of par plus accrued interest for the securities.
Up to 5 p.m. ET on March 8, holders can convert the debentures into stock at the rate of 43.892 shares per $1,000 principal amount. Tyco shares were quoted at $25.57 at 1:30 p.m. ET Tuesday.
If Tyco pays cash for all the convertibles, the total cost will be $1.26 billion. The company will use available funds for the redemption.
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