NEW YORK (Bloomberg) — Tyco International Ltd. bondholders said they formed a group to oppose the company’s offer to buy back $6.6 billion of its debt securities.Tyco offered April 27 to buy back the bonds as part of its plan to spit into three companies at a price that equates to about $95 million less than what investors said they are entitled to under the indentures governing the debt. Tyco also offered to buy back $1.9 billion in bonds denominated in euros and pounds.

“The terms of the tender offer and consent solicitation are such that noteholders will not receive their full contractual entitlements,” the group said in a statement today through the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.

The bondholders committee has scheduled a call at 1 p.m. today to discuss the offer. Paul, Weiss lawyer Andrew Rosenberg is representing the group.

Tyco wants to repurchase bonds maturing from 2007 to 2029 at yields of as much as 60 basis points, or 0.6 percentage point, more than Treasuries.

Bermuda-based Tyco also offered a three percent early payment premium, or $195 million, if holders agree to tender their debt by May 10.