Elan to pay LYONs put in cash

New York, Nov. 14 - Elan Corp. plc said it will pay in cash the upcoming put on the Liquid Yield Option Notes due 2018 issued by its Elan Finance Corp. Ltd. subsidiary.

The Dublin, Ireland, pharmaceutical company has the option to pay the put in cash, American Depositary Shares or a combination.

The LYONs are putable from Nov. 14 through 5 p.m. ET Dec. 15.

If all the $801.2 million principal amount at maturity of the LYONs are put back to the company, it will have to pay a total of $494 million.

Elan said it will fund the put with part of the proceeds of its recent offering of ordinary shares and 6.5% guaranteed convertible notes due 2008.

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