Elan announces $850 million offering of seven-year notes

St. Louis, Oct. 28 - Elan Finance Corp. plans to sell $850 million of seven-year senior notes in a Rule 144A and Regulation S offering, the company said in a news release Thursday.

Proceeds will be used to fund the tender for $351 million of series B guaranteed notes and series C guaranteed notes issued by Elan Pharmaceutical Investments III Ltd., a wholly owned subsidiary of Elan, as well as for working capital and other general corporate purposes.

Morgan Stanley & Co. Inc. is dealer manager for the tender.

The prospective issuer is a Dublin, Ireland-based neuroscience-based biotechnology company.

No other details were disclosed in the news release.

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