Tyco makes string of positive moves

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Saturday, February 1, 2003

NEW YORK - A string of good news for investors has come from Tyco International over the past month, including announcements of financing arrangements, a new financial officer at the Fire and Security division and the results of a long-awaited accounting investigation.

“Big picture-wise for Tyco, everything has been coming up roses,” said Jack Mallon, an industry analyst. “There have been a whole series of positive developments which is reflective in the appreciation of the stock.”

Share prices have risen dramatically over the past eight months, when company stock dipped to $8.25 in late July. The company also appointed W. Mark Schmitz as vice president, finance for Tyco Fire and Security.

Tyco officials announced in early January it obtained commitments for a new $1.5 billion credit facility from various banks as well its intentions to sell about $3.25 billion of convertible debentures, efforts that would raise about $4.75 billion for the company.