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Prospect News home > News index > List of issuers E > Headlines for Elan Corp. plc > News item |
Elan buys back LYONs for $150 million
New York, Jan. 30 - Elan Corp. plc said it repurchased 19% of its LYONs at a cost of $150 million during the fourth quarter of 2002.
The Dublin, Ireland pharmaceutical company said the buybacks were at a discount of 24% to accreted value.
Following the transaction, Elan had $792 million accreted value of LYONs outstanding at Dec. 31, 2002.
iBasis exchanges $30.2 million convertibles for new notes
New York, Jan. 30 - iBasis, Inc. said it exchanged $30.2 million of its 5.75% convertible subordinated notes due 2005 for new debt with 50% of the face value.
The exchange was with the principal holder of the notes.
The investor received $15.1 million principal amount of new 11.5% senior secured notes due Jan. 15, 2005 and warrants for 3,071,184 shares of iBasis stock. The notes share in a second priority lien on the Burlington, Mass. internet voice communications company's assets and are subordinated to its senior debt to Silicon Valley Bank.
The warrants are exercisable at 65 cents per share and have a five-year term.
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