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Tyco says $3.2 billion LYONs put back to company
New York, Nov. 19 - Tyco International Ltd. said $3.197 billion principal amount at maturity of its Liquid Yield Option Notes due 2020 were put back to the company by the time the option expired at 5 p.m. ET Nov. 17.
Before the put, the Pembroke, Bermuda, diversified manufacturing and service company had $3.199 billion principal amount of the convertibles outstanding.
The put was at $775.66 in cash per $1,000 principal amount at maturity. As a result, Tyco will pay $2.480 billion to buy back the LYONs.
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