Elan talks $800 million eight-year notes to yield in 6¼% area

By Paul A. Harris

Portland, Ore., May 22 - Ireland's Elan Corp. talked its $800 million offering of eight-year senior notes (confirmed Ba3/expected BB-) to yield in the 6¼% area, an informed source said on Wednesday.

Books close 10 a.m. ET on Thursday, and the deal is set to price thereafter.

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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