Ireland's Elan on roadshow for $800 million notes via Morgan Stanley

By Paul A. Harris

Portland, Ore., May 20 - Ireland's Elan Corp. began a roadshow in the United States on Monday for its $800 million offering of eight-year senior notes (expected ratings Ba3/BB-), according to an informed source.

An investor call is set to take place at 11:30 a.m. ET on Tuesday.

The roadshow wraps up on Wednesday.

Morgan Stanley & Co. LLC is the bookrunner. Davy Securities is the co-manager.

The Rule 144A with registration rights notes become callable in three years at par plus 75% of the coupon.

Proceeds will be used for general corporate purposes, including acquisitions, share purchases and capital expenditures.

The issuing entities are Elan Finance Public Ltd. and Elan Finance Corp., financing units of the Dublin, Ireland-based neuroscience-based biotechnology company.

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