By Business Wirevia The Motley Fool
Filed under: Investing
Elan Announces Redemption of Its Senior Notes Due 2019
DUBLIN–(BUSINESS WIRE)– Elan Corporation, plc (NYS: ELN) (the Company) announced today that it has issued an irrevocable Notice of Redemption to redeem all of the $600 million in aggregate principal amount of outstanding 6.25% Senior Notes due 2019 (the “Notes”) of its wholly owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. The redemption is expected to occur on May 2, 2013.
The Notice of Redemption specifies that the redemption price will be equal to $1,180.84 per $1,000 principal amount of the Notes, which represents 100% of the principal amount of the Notes, plus the “Applicable Premium” (as defined in the Indenture governing the Notes), plus accrued and unpaid interest of $2.95 per $1,000 principal amount of the Notes, which represents accrued but unpaid interest on the Notes from April 15, 2013, the most recent interest payment date of the Notes prior to the redemption date, to May 2, 2013.
In addition, prior to the completion of the Company’s previously announced share repurchase tender offer, the Company will satisfy and discharge the Indenture governing the Notes by irrevocably depositing with the trustee under the Indenture funds in trust sufficient to pay and discharge all outstanding Notes on the redemption date.
About Elan
Elan is a biotechnology company, headquartered in Ireland, committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world. For additional information about Elan, please visit http://www.elan.com.
The Directors of Elan accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case); the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Any holder of 1% or more of any class of relevant securities of Elan or of Royalty Pharma may have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 (as amended).