By Paul A. Harris
St. Louis, Nov. 6 - Tyco International Group SA priced a split-rated offering of $1 billion 6% notes due Nov. 15, 2013 (Ba2/BBB-/BB) at 99.569 on Thursday to yield 6.058, according to market sources. The deal was heard to have had significant play among high yield investors.
JP Morgan, Morgan Stanley and UBS Investment Bank were underwriters of the Rule 144A (with registration rights) transaction.
Proceeds will be used to repay debt and extend maturities.
The issuer is a subsidiary of the Bermuda-based conglomerate Tyco International Ltd., which is the guarantor of the notes.
| Issuer: | Tyco International Group SA
|
| Amount: | $1 billion
|
| Maturity: | Nov. 15, 2013
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| Underwriters: | JP Morgan, Morgan Stanley, UBS Investment Bank
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| Coupon: | 6%
|
| Price: | 99.569
|
| Yield: | 6.058%
|
| Spread: | 165 basis points
|
| Call: | Make-whole call at Treasuries plus 25 basis points
|
| Settlement date: | Nov. 12, 2003
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Fitch: BB
|
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