Elan Finance to start roadshow Monday for $500 million seven-year notes

By Paul A. Harris

St. Louis, Nov. 9 - Elan Finance Corp. will begin a roadshow on Monday for a $500 million offering of seven-year notes (B3/B) in two tranches, according to an informed source.

Pricing is expected late in the week of Nov. 13 or early the following week.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S offering. Morgan Stanley and Davy Securities are the co-managers.

The Dublin, Ireland, biotechnology company plans to sell floating-rate notes that will come with two years of call protection and fixed-rate notes that will come with four years of call protection.

Proceeds will be used to redeem Elan Capital Corp. Ltd.'s $254 million 6½% convertible notes due 2008 not converted into equity, and to repay a portion Athena Neurosciences Finance, LLC's $613 million 7¼% guaranteed senior notes due 2008.

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