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Tyco Electronics gets tenders for $152.02 million of notes in offer
By Angela McDaniels
Tacoma, Wash., July 8 - Tyco Electronics Ltd. wholly owned subsidiary Tyco Electronics Group SA received tenders for $152,024,000 principal amount of notes in the tender offer for its $800 million of 6% senior notes due 2012, $750 million of 6.55% senior notes due 2017 and $750 million of 7.125% senior notes due 2037.
All the tendered notes were accepted, according to a company news release.
Specifically, Tyco Electronics accepted $86,371,000 of 6% notes, $42,475,000 of 6.55% notes and $23,178,000 of 7.125% notes.
The company offered to purchase up to $150 million of the 6% notes, up to $100 million of the 6.55% notes and up to $100 million of the 7.125% notes.
For each $1,000 principal amount, the company will pay $980 for the 6% notes, $900 for the 6.55% notes and $800 for the 7.125% notes. Each payout includes a $30 early tender payment.
When the offer began, the company planned to pay the early tender payment only to holders who tendered by 5 p.m. ET on June 22. The offer was amended on June 23 so that all who tendered would receive the payment.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be July 9.
The tender offer began on June 9 and expired at 11:59 p.m. ET on July 7.
The dealer manager was J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-3424). The information agent was Global Bondholder Services Corp. (866 470-3900).
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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