Exhibit 4.1
TYCO INTERNATIONAL
GROUP S.A.,
TYCO INTERNATIONAL
FINANCE S.A.,
TYCO INTERNATIONAL
LTD.
AND
WILMINGTON TRUST
COMPANY,
as Trustee
SUPPLEMENTAL
INDENTURE 2008-1
Dated as of May 15, 2008
THIS SUPPLEMENTAL
INDENTURE 2008-1 is dated as of May 15, 2008 among Tyco
International Group S.A., a Luxembourg company (in liquidation)
(“ TIGSA ”), Tyco International Finance S.A., a
Luxembourg company (“ TIFSA ”), Tyco
International Ltd., a Bermuda company (“ Tyco
”), and Wilmington Trust Company, as successor to The Bank of
New York, as trustee (the “ Trustee
”).
RECITALS
A.
TIGSA executed and delivered to the Trustee an Indenture, dated as
of June 9, 1998 (as heretofore amended, the “
Indenture ”), to provide for the issuance of the
Securities.
B.
The Boards of Directors of TIGSA, TIFSA and Tyco have determined it
is desirable to enter into this Supplemental Indenture.
C.
The entry into this Supplemental Indenture 2008-1 by the parties
hereto is in all respects authorized by the provisions of the
Indenture.
D.
Reference is made herein to (i) a Consent Solicitation
Statement (the “ 2028-2029 Consent Solicitation
Statement ”), dated April 11, 2008, relating to the
7.0% Notes due 2028 (the “ 2028 Notes ”) and the
6.875% Notes due 2029 (the “ 2029 Notes ”),
(ii) a Consent Solicitation Statement, dated April 11,
2008 (the “ Consent Solicitation Statement ”),
relating to the series of Securities other than the 2028 Notes and
the 2029 Notes that are outstanding under the Indenture and certain
other debt securities issued pursuant to an Indenture, dated as of
November 12, 2003 and (iii) the Offering Memorandum,
dated April 11, 2008, in connection with an offer to exchange
offered to certain holders of the 2028 Notes and the 2029 Notes
(the “ Offering Memorandum ”).
NOW, THEREFORE,
for and in consideration of the foregoing premises, TIGSA, TIFSA,
Tyco and the Trustee mutually covenant and agree, subject to
Section 2.5 hereof, for the equal and proportionate benefit of
the respective holders from time to time of the Securities as
follows:
ARTICLE I
Section 1.1
Waiver of Default or Event of Default.
Pursuant to
Section 4.10 of the Indenture, any default or Event of
Default, and the consequences thereof, which may have arisen prior
to April 11, 2008, including any alleged default or Event of
Default arising from the series of transactions preparatory to and
in connection with the separation of the electronics, healthcare
and fire and security and engineered products and services
businesses and related assets and liabilities of Tyco and its
subsidiaries and the distribution of such electronics and
healthcare businesses and related assets and liabilities to
Tyco’s shareholders (the “ Separation
Transactions ”) is hereby waived. Section 8.1
of the Indenture shall be amended to insert after the first use of
the word “assets,” the following: “(in one
or more series of related transactions other than any transaction
or series of related transactions that is the subject of the
Existing Litigation or otherwise relates to the Separation
Transactions).”
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Section 1.2
Expenses.
The Issuer shall
pay to the Trustee the actual legal fees and expenses incurred by
or on behalf of the Trustee and holders of beneficial interests in
the Securities arising from the Separation Transactions or the
proceeding originally entitled The Bank of New York v. Tyco
International Group S.A., No. 07 Civ. 4659 (SAS), pending in
the United States District Court for the Southern District of New
York, or any other legal proceeding arising out of the Separation
Transactions (the “ Existing Litigation ”), that
have been submitted in writing to the Issuer on or prior to the
date of this Supplemental Indenture 2008-1; provided that in no
event shall such amount, together with similar amounts owed in
connection with the Indenture dated as of November 12, 2003,
initially among TIGSA, Tyco and The Bank of New York, as
supplemented, exceed $3,900,000 in the aggregate. Such
payment shall be deemed to have satisfied all obligations of the
Issuer under the Indenture relating to the reimbursement of fees
and expenses arising from the Separation Transactions or the
Existing Litigation.
Section 1.3
Additional Obligor.
Each of the
parties to this Supplemental Indenture 2008-1 confirms that TIFSA
expressly agreed to become and did become, effective as of
May 31, 2007, a co-obligor with respect to the due and
punctual payment of the principal of and interest on all the
Securities according to their tenor, and the due and punctual
performance and observance of all of the covenants and agreements
of the Indenture to be performed or observed by the Issuer.
In connection with TIFSA becoming such a co-obligor, the Issuer
remained as an obligor and Tyco remained as Guarantor under the
Indenture with respect to the Securities.
Section 1.4
Assumption and Succession.
Each of the
parties to this Supplemental Indenture 2008-1 confirms that Tyco
agreed to assume and did assume, as of June 1, 2007, all of
the obligations of the Issuer under the Indenture, including the
obligation to make the due and punctual payment of the principal of
and interest on all the Securities according to their tenor and the
due and punctual performance and observance of all of the covenants
and agreements of the Indenture to be performed or observed by the
Issuer, and Tyco succeeded to, and was substituted for, the Issuer
with the same effect as if Tyco had been named therein and TIGSA
was discharged from all obligations and covenants under the
Indenture and the Securities and may be liquidated and
dissolved.
Section 1.5
Change of Control.
(a)
With respect to each series of Securities issued prior to and
outstanding on April 11, 2008, if a Change of Control
Triggering Event occurs, unless the Issuer has exercised its option
to redeem the Securities of a series, the Issuer shall be required
to make an offer (a “ Change of Control Offer ”)
to each Holder of the Securities of such series to repurchase, at
the Holder’s election, all or any part (equal to $1,000 or an
integral multiple of $1,000 in excess thereof) of that
Holder’s Securities on the terms set forth herein. In a
Change of Control Offer, the Issuer shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of
Securities of such series repurchased, plus accrued and unpaid
interest, if any, on the Securities of such series repurchased to
the date of repurchase (a “ Change of Control Payment
”). Within 30 days following any Change of Control Triggering
Event or, at the Issuer’s
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option, prior to
any Change of Control, but after public announcement of the
transaction that constitutes or may constitute the Change of
Control, a notice shall be mailed to Holders of the Securities of
such series describing in reasonable detail the transaction that
constitutes or may constitute the Change of Control Triggering
Event and offering to repurchase such Securities on the date
specified in the notice, which date shall be no earlier than 30
days and no later than 60 days from the date such notice is mailed
(a “ Change of Control Payment Date ”). The
notice shall, if mailed prior to the date of consummation of the
Change of Control, state that the offer to purchase is conditioned
on the Change of Control Triggering Event occurring on or prior to
the Change of Control Payment Date.
(b)
In order to accept the Change of Control Offer, the Holder must
deliver (or otherwise comply with alternative instructions in
accordance with the procedures of the depositary) to the paying
agent, at least five Business Days prior to the Change of Control
Payment Date, its Security together with the form entitled
“Election Form” (which form is annexed hereto as
Exhibit A) duly completed, or a telegram, telex, facsimile
transmission or a letter from a member of a national securities
exchange, or the National Association of Securities
Dealers, Inc. or a commercial bank or trust company in the
United States setting forth:
(i)
the name of the Holder of such Security;
(ii)
the principal amount of such Security;
(iii)
the principal amount of such Security to be repurchased;
(iv)
the certificate number or a description of the tenor and terms of
such Security;
(v)
a statement that the Holder is accepting the Change of Control
Offer; and
(vi)
a guarantee that such Security, together with the form entitled
“Election Form” duly completed, will be received by the
paying agent at least five Business Days prior to the Change of
Control Payment Date.
(c)
Any exercise by a Holder of its election to accept the Change of
Control Offer shall be irrevocable. The Change of Control Offer may
be accepted for less than the entire principal amount of a
Security, but in that event the principal amount of such Security
remaining outstanding after repurchase must equal an integral
multiple of $1,000.
(d)
On the Change of Control Payment Date, the Issuer shall, to the
extent lawful:
(i)
accept for payment all Securities of the applicable series or
portions of such Securities properly tendered pursuant to the
Change of Control Offer;
(ii)
deposi
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