Elan Corporation PLC (ELN) Announces Pricing of $850 Million in Aggregate Principal Amount of Senior Notes Due 2021
5/24/2013 9:31:27 AM
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DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc (“Elan”) (NYSE: ELN) today announced the pricing of the offering of US$850 million aggregate principal amount of 6.250% Senior Notes due 2021 (the “Notes”) by its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. The Notes will be issued at par. The offering is expected to close on May 31, 2013, subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed by Elan and certain of its existing and future subsidiaries. The net proceeds of the Notes offering (plus an amount that would accrue on the Notes through a specified date) will be deposited into escrow pending the closing of Elan’s previously announced (May 13, 2013) pending royalty participation transaction with Theravance, Inc. (the “Theravance Transaction”). Upon release of the net proceeds from escrow, Elan intends to use those net proceeds for general corporate purposes, including working capital requirements, capital expenditures, acquisitions and share repurchases. If the closing of the Theravance Transaction does not occur on or prior to the escrow end date, the escrow proceeds will be used to redeem the Notes in full at a redemption price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest from the issue date of the Notes to, but excluding, the redemption date. The closing of the Theravance Transaction is not subject to any material conditions, other than timely approval of Elan’s shareholders.
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