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Elan plans redemption of $254 million 6.5% convertibles, some 7¼% notes
By Jennifer Chiou
New York, Nov. 8 - Elan Corp., plc announced plans to use the proceeds from a notes offering to redeem its $254 million of 6.5% convertible guaranteed notes due 2008 and repay some of its $613 million of 7¼% guaranteed senior notes due 2008.
The Dublin, Ireland-based biotechnology company said its wholly owned subsidiaries, Elan Finance plc and Elan Finance Corp., intend to offer $500 million of senior fixed-rate notes due 2013 and senior floating-rate notes due 2013.
The 6.5% convertibles were issued by Elan Capital Corp. Ltd. and the 7¼% notes were issued by Athena Neurosciences Finance, LLC.
Elan added that the net proceeds from the offering are also expected to be used to repay any convertibles not converted into equity of Elan - at a conversion price of $7.42 per share - prior to the redemption date.
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