RNS Number:1385R
Tyco International Ld
21 October 2003


                     TYCO ANNOUNCES COMMENCEMENT OF TENDER
                          PERIOD FOR LYONS (TM) DUE 2020


Pembroke, Bermuda, October 17, 2003 -- Tyco International Ltd. (NYSE-TYC,
BSX-TYC, LSE-TYI) today announced that holders of its Liquid Yield OptionTM
Notes due 2020 (Zero Coupon-Senior) (the "LYONs") have the right to surrender
their LYONs for purchase during a period that begins today and ends on Monday,
November 17, 2003. Pursuant to the indenture under which the LYONs were issued
in November of 2000, each holder of the LYONs has the right to require Tyco to
purchase, until 5:00 p.m. New York time on Monday, November 17, 2003, such
holder's LYONs at a price equal to $775.66 per $1,000 principal amount at
maturity of the LYONs.



Under the terms of the LYONs, Tyco shall purchase any tendered LYONs solely with
cash. The aggregate principal amount due at maturity for all outstanding LYONs
is approximately $3.2 billion. If all outstanding LYONs were surrendered for
purchase, the aggregate cash purchase price would be approximately $2.5 billion.
Tyco intends to use available funds to repurchase the LYONs.



In order to surrender LYONs for purchase, holders must deliver a purchase notice
to U.S. Bank National Association (successor trustee to State Street Bank and
Trust Company, N.A.), the trustee and paying agent for the LYONs, on or before
5:00 p.m., New York City time, on Monday, November 17, 2003. Holders may
withdraw any LYONs previously surrendered for purchase at any time prior to 5:00
p.m., New York City time, on Monday, November 17, 2003.



Tyco filed a Tender Offer Statement on Schedule TO with the Securities and
Exchange Commission today. Tyco will make available to LYONs holders, through
the Depository Trust Company, documents specifying the terms, conditions and
procedures for surrendering and withdrawing LYONs for purchase. LYONs holders
are encouraged to read these documents carefully before making any decision with
respect to the surrender of LYONs, because these documents contain important
information regarding the details of Tyco's obligation to purchase the LYONs.



The LYONs are convertible into 10.3014 Tyco Common Shares per $1,000 principal
amount at maturity of LYONs, subject to certain conditions set forth in the
indenture and in the LYONS, and subject to adjustment under certain
circumstances.



This press release does not constitute an offer to purchase the LYONs. The offer
to purchase is made solely by Tyco's company notice dated October 17, 2003.



ABOUT TYCO INTERNATIONAL



Tyco International Ltd. is a diversified manufacturing and service company.
Tyco is the world's largest manufacturer and servicer of electrical and
electronic components; the world's largest designer, manufacturer, installer and
servicer of undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems and electronic
security services and the world's largest manufacturer of specialty valves.
Tyco also holds strong leadership positions in medical device products, and
plastics and adhesives.  Tyco operates in more than 100 countries and had fiscal
2002 revenues from continuing operations of approximately $36 billion.



FORWARD-LOOKING INFORMATION



This release contains certain "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
risks, uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking and the words "anticipate," "
believe," "expect," "estimate," "project," and similar expressions are generally
intended to identify forward-looking statements. The forward-looking statements
in this release include statements addressing future financial condition and
operating results.



Economic, business, competitive and/or regulatory factors affecting Tyco's
businesses are examples of factors, among others, that could cause actual
results to differ materially from those described in the forward-looking
statements.

More detailed information about these and other factors is set forth in Tyco's
Annual Report on Form 10-K for the fiscal year ended September 30, 2002, as
amended, and its Quarterly Report on Form 10-Q for the quarter ended June 30,
2003, as amended. Tyco is under no obligation to (and expressly disclaims any
such obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.



CONTACTS:



Media:                     Gary Holmes, 609-720-4387


Investor Relations:        Ed Arditte, 609-720-4621
                           John Roselli, 609-720-4624


* "Liquid Yield Option" and "LYONs" are Trademarks of Merrill Lynch & Co., Inc.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCNKDKQQBDDBKB