Elan buys back $200 million of 8¾% senior notes due 2016 in October

By Susanna Moon

Chicago, Oct. 27 - Elan Corp., plc said it repurchased $200 million principal amount of 8¾% senior notes due 2016 in October.

The repurchase was made in a private transaction, according to the company's earnings release for the third quarter.

After the company's recent asset sale offer, tender offer, redemption and repurchase, the amount of its debt has been slashed by about half to $626.3 million on a pro forma basis from $1.29 billion as of Sept. 30, the release noted.

Elan is a neuroscience-based biotechnology company based in Dublin.

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