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Tyco Announces Commencement Of Tender Period For Lyons Due 2020
Option(tm) Notes due 2020 (Zero Coupon-Senior) (the "LYONs") have the rightto surrender their LYONs for purchase during a period that begins today and ends on Monday, November 17, 2003. Pursuant to the indenture under which the
LYONs were issued in November of 2000, each holder of the LYONs has the right to require Tyco to purchase, until 5:00 p.m. New York time on Monday,November 17, 2003, such holder's LYONs at a price equal to $775.66 per $1,000 principal amount at maturity of the LYONs.
Under the terms of the LYONs, Tyco shall purchase any tendered LYONs solely with cash. The aggregate principal amount due at maturity for all
outstanding LYONs is approximately $3.2 billion. If all outstanding LYONs were surrendered for purchase, the aggregate cash purchase price would be approximately $2.5 billion. Tyco intends to use available funds to repurchase the LYONs.
In order to surrender LYONs for purchase, holders must deliver a purchase notice to U.S. Bank National Association (successor trustee to State Street Bank and Trust Company, N.A.), the trustee and paying agent for the LYONs, on or before 5:00 p.m., New York City time, on Monday, November 17, 2003.
Holders may withdraw any LYONs previously surrendered for purchase at any time prior to 5:00 p.m., New York City time, on Monday, November 17, 2003.
Tyco filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission today. Tyco will make available to LYONs holders,
through the Depository Trust Company, documents specifying the terms, conditions and procedures for surrendering and withdrawing LYONs for
purchase. LYONs holders are encouraged to read these documents carefully before making any decision with respect to the surrender of LYONs, because these documents contain important information regarding the details of Tyco's obligation to purchase the LYONs.
The LYONs are convertible into 10.3014 Tyco Common Shares per $1,000 principal amount at maturity of LYONs, subject to certain conditions set forth in the indenture and in the LYONS, and subject to adjustment under certain circumstances.
This press release does not constitute an offer to purchase the LYONs. The offer to purchase is made solely by Tyco's company notice dated October 17, 2003.