WASHINGTON, Mar. 14 -- TyCom Ltd., a supplier of undersea fiber optic networks and services and a wholly owned subsidiary of Tyco International Ltd., hopes to raise as much as $1 billion in an initial sale of stock. The company, which was formed on March 8, 2000, did not report the number of shares of common stock it plans to sell in the IPO or the planned offering price.
TyCom expects to use the proceeds from the offering to deploy the first phase of a worldwide undersea telecommunications fiber optic cable system, named TyCom Global Network. According to TyCom, the network, which will likely be deployed in stages over the next 10 years, is expected to span 250,000 kilometers and serve six continents.
Additional proceeds from the stock sale will also be used to pay a dividend to TGN Holdings Ltd., a wholly owned Tyco subsidiary.