Elan subsidiaries accept tenders for $3.3 million more 7¾% notes

By Jennifer Chiou

New York, Oct. 29 - Elan Corp., plc said that it accepted tenders for an additional $3.3 million of the $850 million of 7¾% senior notes due 2011 issued by subsidiaries Elan Finance plc and Elan Finance Corp.

That followed early tenders for $783.9 million, or 92.23%, of the notes, previously received by the company.

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

The early tender date was 11:59 p.m. ET on Oct. 13.

All the notes received by the early tender date were previously accepted and purchased on Oct. 14, the early settlement date.

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

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

Now, $62.8 million of the notes remains outstanding.

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

Elan is a biotechnology company based in Dublin.

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