Summary
This 8-K filing from Tyco International Ltd. (which appears to be the registrant, not Johnson Controls International plc as initially requested) on May 3, 2010, reports on a material definitive agreement. Specifically, Tyco International Ltd. and its subsidiary, Tyco International Finance S.A. (TIFSA), entered into an underwriting agreement on April 28, 2010, to sell $500 million in aggregate principal amount of 3.375% Notes due 2015. This issuance is intended to facilitate the redemption of TIFSA's outstanding 6.375% Notes due 2011. Investors should note that this is a debt financing transaction aimed at refinancing existing debt, potentially to take advantage of lower interest rates or extend maturity profiles. The closing of the note sale is expected to occur on May 5, 2010, subject to standard closing conditions.
Key Highlights
- 1Tyco International Ltd. and its subsidiary TIFSA entered into an underwriting agreement on April 28, 2010.
- 2The agreement concerns the sale of $500 million in aggregate principal amount of 3.375% Notes due 2015.
- 3The issuance is intended to finance the redemption of TIFSA's outstanding 6.375% Notes due 2011.
- 4This represents a debt refinancing strategy by Tyco.
- 5The closing for the note sale is scheduled for May 5, 2010.
- 6Customary closing conditions apply to the note sale.