Elan noteholders further extend waiver

New York, Aug. 15 - Elan Corp., plc said holders further extended the previously agreed waiver of the requirement that it provide audited consolidated financial statements for 2002 by June 29.

The waiver now runs through Aug. 22, extended from Aug. 15 and, originally, Aug. 8.

Elan paid a $2.1 million fee for the latest waiver. It previously had not paid fees. Holders will receive the payment whether they agreed to the extension or not.

The agreement applies to notes issued by Elan's special purpose entities Elan Pharmaceutical Investments II, Ltd. and Elan Pharmaceutical Investments III, Ltd.

The Dublin, Ireland pharmaceutical company said it obtained agreement from a majority of the holders of the notes.

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