Elan intends to price $500 million seven-year senior notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Sept. 25 - Elan Finance PCL and Elan Finance Corp. are planning a $500 million offering of seven-year senior notes (expected ratings B1/BB-), according to a market source.

Morgan Stanley & Co. is the bookrunner. Davy Securities and Gleacher & Co. are the co-managers for the Rule 144A and Regulation S with registration rights deal.

The notes will be non-callable for three years.

Pricing was expected Tuesday.

Proceeds will be used to fund tender offers for the company's $472.1 million 8¾% senior notes due 2016 and $152.4 million of 8¾% senior notes due 2016.

Morgan Stanley is the dealer-manager for the tender offer, which expires on Oct. 22.

Elan is a Dublin-based biotechnology company.

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