Tyco brings convertible buybacks to $517 million

New York, Nov. 1 - Tyco International Ltd. said it has now bought back $517 million of its convertible debt securities during the fiscal fourth quarter.

The Pembroke, Bermuda-based provider of fire and security, electronics, healthcare, engineered and plastics and adhesives products and services used $750 million of cash for the repurchases.

Tyco took a charge of $241 million for the early retirement of debt and reduced diluted shares outstanding by 22.7 million. The fiscal fourth quarter ended on Sept. 30.

The buybacks were part of the company's previously announced plans to strengthen its balance sheet. Tyco previously said in September that it bought back $350 million of its 2.75% convertible bonds due 2018 with $511 million in cash.

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