Tyco garners new $2.5 billion in funding
PEMBROKE, Bermuda - Tyco International Inc. announced in late December that it had completed negotiations of new bank credit facilities totaling $2.6 billion, including a $1 billion 364-day revolving credit facility with a term-out option and a new $1.5 billion three-year revolving credit facility.
The new facilities replace ones that were due to expire at the end of this month and another, $2 billion five-year revolving line due to expire in February. The company used proceeds from a recent $1 billion issuance of 10-year notes and by partially using its new credit facilities.
Banc of America Securities LLC and Citigroup Global Markets Inc. arranged the new credit facilities.