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Elan accepts all $156 million of tendered 8 7/8%, floating-rate notes
By Marisa Wong
Madison, Wis., Sept. 30 - Elan Corp., plc said that its wholly owned subsidiaries, Elan Finance plc and Elan Finance Corp., received tenders for $15.5 million of 8 7/8% senior fixed-rate notes due 2013 and $139.5 million of floating-rate notes due 2013.
The companies launched an asset sale offer to purchase up to $186 million of the 8 7/8% senior notes and the floating-rate notes on Aug. 30. The offer expired at 11:59 p.m. ET on Sept. 29.
The amount of tendered 8 7/8% senior notes represents 3.3% of the total outstanding 8 7/8% notes, and the amount of tendered floating-rate notes represents 93% of the total outstanding floating-rate notes.
The companies said they will accept all tendered notes for purchase.
Holders will receive par plus accrued interest up to, but not including, the payment date, which is expected to be Sept. 30.
Following completion of the offer, approximately $449.5 million of the fixed-rate notes and approximately $10.5 million of the floating-rate notes will remain outstanding.
D.F. King & Co., Inc. was the information agent and depositary for the asset sale offer.
Based in Dublin, Ireland, Elan is a neuroscience-based biotechnology company.
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