Aug 11 2010
Elan Corporation, plc ("Elan") (NYSE: ELN) today announced that its wholly-owned subsidiaries, Elan Finance public limited company ("Elan Finance") and Elan Finance Corp. ("Elan Corp" and together with Elan Finance, the "Issuers"), intend to offer, subject to market conditions, US$200 million in aggregate principal amount of 8.75% senior notes due 2016 (the "New Notes"). The New Notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in accordance with Regulation S under the Securities Act. The New Notes will be fully and unconditionally guaranteed by Elan and certain of its subsidiaries. Proceeds from the New Notes, together with available cash on hand, will be used to redeem all of the Issuers' outstanding Floating Rate Notes due 2011 (the "Redemption"), to pay fees and expenses incurred in connection with the offering and the Redemption and for general corporate purposes. This release does not constitute a notice of redemption. Any such notice, if issued, shall be issued pursuant to the terms of the indenture governing the Floating Rate Notes due 2011.
The New Notes have not been registered under the Securities Act, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws.