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Tyco Enters into $1.5 Billion Bank Credit Facility

Pembroke, Bermuda: January 31, 2003 - Tyco International Ltd. (NYSE - TYC, BSX - TYC, LSE - TYI) today announced that Tyco International Group S.A., its wholly-owned subsidiary, has entered into a new 364-day unsecured revolving bank credit facility. This new credit facility provides for borrowing availability of $1.5 billion for general corporate purposes. Tyco International Group S.A.'s obligations under the new credit facility will be guaranteed by Tyco International Ltd. and certain of its material operating subsidiaries. The facility was arranged by Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc.

Chairman and Chief Executive Officer Ed Breen said: "The closing of this bank credit facility, combined with our recently announced placement of $4.5 billion in convertible debentures, eliminates the liquidity gap that the company would have faced later this year. With these liquidity issues behind us, we can now focus all our attention on strengthening the operations of Tyco's solid businesses."