Elan subsidiaries get early tenders for $783.9 million of 7¾% notes

By Angela McDaniels

Tacoma, Wash., Oct. 14 - Elan Corp., plc said holders had tendered $783.9 million, or 92.23%, of the $850 million of 7¾% senior notes due 2011 issued by subsidiaries Elan Finance plc and Elan Finance Corp. as of 11:59 p.m. ET on Oct. 13, the early tender date.

A tender offer for the notes began on Sept. 29 and will end at 11:59 p.m. ET on Oct. 28.

All the notes received by the early tender date have been accepted and will be purchased on Oct. 14, the early settlement date, according to a company news release.

The purchase price is $1,019.38 per $1,000 principal amount of notes. For notes tendered after the early tender date, the price is $989.38 per $1,000 principal amount.

Holders will also receive accrued interest up to but excluding the applicable payment date.

Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-5384) is the dealer manager, and D.F. King & Co., Inc. (800 431-9645 or 212 269-5550) is the information agent.

Elan is a biotechnology company based in Dublin.

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