|
CHICAGO (AP) -- Fitch Ratings on Friday rated Tyco Electronics Ltd.'s private placement of $2.05 billion of senior notes at the investment grade "BBB." The notes include $800 million of 6 percent senior notes due 2012; $750 million of 6.55 percent senior notes due 2017; and $500 million of 7.125 percent senior notes due 2037. The debt was issued by the company's Tyco Electronics Group SA subsidiary and is guaranteed by Tyco, Fitch said. The net proceeds from the issuance will be used to repay part of the debt outstanding under its bridge facility, resulting in pro forma total debt of about $3.7 billion, Fitch said. The company's issuer default rating remains at "BBB" and its short-term issuer default rating remains at "F2," Fitch said. The outlook is stable. Shares of Tyco Electronics, the electronics business which split from Tyco International Inc., fell a penny to close at $33.45.
|