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Elan subsidiaries start tender offer for $850 million 7¾% senior notes
By Angela McDaniels
Tacoma, Wash., Sept. 29 - Elan Corp., plc subsidiaries Elan Finance plc and Elan Finance Corp. have begun a tender offer for their $850 million principal amount of 7¾% senior notes due 2011, according to a company news release.
The purchase price is $1,019.38 per $1,000 principal amount of notes. The price includes an early tender payment of $30.00 for each note tendered by 11:59 p.m. ET on Oct. 13, the early tender date.
Holders will also receive accrued interest up to but excluding the payment date.
The tender offer will end at 11:59 p.m. ET on Oct. 28.
Elan said the issuers may decide to accept for purchase prior to the expiration date notes tendered by the early tender date.
Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-5384) is the dealer manager, and D.F. King & Co., Inc. (800 431-9645 or 212 269-5550) is the information agent.
Elan is a biotechnology company based in Dublin.
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