announced that its wholly-owned subsidiary, TyCom Ltd., has filed a registration statement with the U. S. Securities and Exchange Commission for
a proposed initial public offering (IPO) of its common shares. A copy of the registration statement is available online at www.sec.gov.
TyCom is the world's leading independent, fully integrated, turnkey supplier of undersea fiber optic networks and services. TyCom has designed,
engineered, manufactured and installed more undersea fiber optic cable than any other supplier. TyCom plans to become a leading carriers' carrier and the first undersea telecommunications fiber optic network owner-supplier by designing, manufacturing, installing, selling bandwidth capacity on, operating, and maintaining what it believes will be the world's longest, most extensive and most technologically advanced undersea telecommunications fiber optic network - the TyComTM Global Network.
TyCom intends to apply to list the shares on the New York Stock Exchange and the Bermuda Stock Exchange. Lead managers for the company are Goldman, Sachs & Co., Salomon Smith Barney, and Merrill Lynch & Co. A subsidiary of Tyco International Ltd. will grant the underwriters an option to purchase shares to cover its over allotments. The public offering will be made only
be means of prospectus.
A registration statement relating to these securities has been filed with the U. S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time of the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any state in which an offer, solicitation, or sale would be unlawful prior to
registration or qualification under the ecurities laws of any such state. A copy of the prospectus relating to the offering, when available, may be
obtained from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004 (telephone 212-902-1000); or Salomon Smith Barney, 388 Greenwich Street, New York, NY 10013 (telephone 212-816-6000); or Merrill Lynch & Co., 250 Vesey
Street, New York, NY 10281 (telephone 212-449-1000).
Tyco International Ltd., a diversified manufacturing and service company, is
the world's largest manufacturer and servicer of electrical and electronic
components and undersea telecommunications systems, the world's largest
manufacturer, installer, and provider of fire protection systems and
electronic security services, has strong leadership positions in disposable
medical products, plastics, and adhesives, and is the largest manufacturer
of flow control valves. The Company operates in more than 80 countries
around the world and had fiscal 1999 revenues in excess of $22 billion.