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Tyco calls its 3.125% convertibles due 2023, LYONs due 2020
By Susanna Moon
Chicago, Aug. 25 - Tyco International Ltd. said it will redeem its $19.05 million remaining principal amount of series B 3.125% convertible senior debentures due 2023 and its $351,000 remaining principal amount of zero-coupon senior Liquid Yield Option Notes due 2020.
The redemption date for both notes is Sept. 26.
For the 3.125% convertibles, Tyco said it will pay $1,024.48 per $1,000 principal amount, or 101.823% of par, plus interest accrued to the redemption date.
For the LYONs, the redemption price is $834.07 per $1,000 principal amount at maturity, which represents the accrued original issue discount calculated to the redemption date.
The notes are convertible into common shares of Tyco, Covidien Ltd. and Tyco Electronics Ltd.
For each $1,000 principal amount of the 3.125% convertibles, the notes are convertible into 11.496 shares of Tyco, 11.496 shares of Covidien and 11.496 shares of Tyco Electronics.
On Aug. 22, Tyco stock closed at $43.36, Covidien closed at $54.33 and Tyco Electronics closed at $32.90.
The total value of the shares receivable upon conversion would have been $1,501.26 as of Aug. 22, according to a press release.
The LYONs are convertible into 2.575 shares of Tyco, 2.575 shares of Covidien and 2.575 shares of Tyco Electronics per each $1,000 principal amount at maturity.
The total value of the shares for the LYONs upon conversion would have been $336.27 as of Aug. 22.
Holders may convert their LYONs until Sept. 23 and the 3.125% convertibles until Sept. 25.
Tyco said it will redeem any unconverted 3.125% convertibles and LYONs with available cash.
Based in Pembroke, Bermuda, Tyco produces electronics, fire and security, health care and engineered products and services.
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