Byline: EMMA MOODY Bloomberg News
NEW YORK -- Tyco International Ltd. raised $4.6 billion Monday in the sale of CIT Group Inc., less than expected and about half the amount the conglomerate paid for the finance business a year ago.
Tyco sold 200 million CIT shares at $23 each, below the $25 to $29 range Tyco set two weeks ago and less than the $25 investors anticipated as recently as Monday morning.
Bermuda-based Tyco, needing the cash to help pay back more than $27 billion in debt and help revive a stock price that's dropped 76 percent this year, pressed ahead with the sale while other companies postponed their offerings because of faltering stock …
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