Tyco anticipated to hit loan market with $1.5 billion revolver

By Sara Rosenberg

New York, Dec. 5 - Tyco International Ltd. is expected to hit the bank loan market with a $1.5 billion 364-day revolving credit facility in the near term, according to market sources. Bank of America and Morgan Stanley are the lead banks on the deal.

"My guess is that it will probably go out to top agents in advance of Christmas," a market source told Prospect News. "Then they'll do whatever they need to do after the New Year."

He explained that most investors wouldn't want to do that type of credit work right before the holidays, which is why the prediction is for the bank meeting to occur in the beginning of 2003.

Tyco is a Bermuda-based diversified manufacturing and service company.

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