Tyco says coupon on Raychem 7.2% notes steps up

New York, June 13 - Tyco International Ltd. said the coupon on the 7.2% notes due 2008 originally issued by Raychem Corp. steps up to 8.2% from June 7.

The increased interest rate follows the downgrade on the notes to below investment grade, as defined in the notes. It will remain at that higher level until the notes return to being investment-grade rated by both Moody's Investors Service and Standard & Poor's.

There are $389.5 million of the notes outstanding.

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