A $25 million piece of Tyco International's bank debt traded at 95 early last week. The move came before the Manhattan district attorney indicted three of the company's former executives. The parties involved in the trade could not be determined. One trader speculated that the indictments would have limited material impact on the company. It's under new management now and doing well, he noted.
The name has been slowly creeping up since Tyco was able to successfully spin-off CIT Group. At that time the bank debt rose from the 87-89 context to 91 1/2 93 1/2. The transaction offered much needed liquidity to the company (LMW, 7/8). Calls to Tyco officials were not returned by press time.