Elan Corporation PLC Announces Expiration of Cash Tender Offer and Consent Solicitation for 8.75% Senior Notes Due 2016

Published: Oct 23, 2012

DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc (“Elan”) (NYSE: ELN) announced today the expiration and final results of the cash tender offer and consent solicitation (the “Tender Offer and Consent Solicitation”), commenced on September 24, 2012, by its wholly-owned subsidiaries, Elan Finance public limited company (“Elan Finance”) and Elan Finance Corp. (“Elan Corp.” and together with Elan Finance, the “Co-Issuers”), to purchase any and all of their outstanding 8.75% Senior Notes due 2016 issued on October 2, 2009 (the “2009 Notes”) and 8.75% Senior Notes due 2016 issued on August 17, 2010 (the “2010 Notes” and, together with the 2009 Notes, the “Notes”). The tender offer expired on October 22, 2012, at 11:59 p.m., New York City time (the "Expiration Date"). On October 9, 2012 (the “Early Settlement Date”), the Co-Issuers made a payment in cash for all Notes tendered prior to 11:59 p.m., Eastern time, on October 5, 2012 (the “Consent Payment Deadline”). As of the Consent Payment Deadline, the Co-Issuers had received tenders and consents in respect of (i) $439.5 million aggregate principal amount of 2009 Notes, representing approximately 93.10% of the outstanding aggregate principal amount of the 2009 Notes, and (ii) $141.3 million aggregate principal amount of 2010 Notes, representing approximately 92.69% of the outstanding aggregate principal amount of the 2010 Notes, all of which were accepted for purchase. The holders of the accepted Notes received total consideration of $1,093.34 per $1,000 of principal amount tendered, which amount included a consent payment of $40.00 per $1,000 principal amount of Notes tendered. The total cash payment to purchase such Notes, including accrued and unpaid interest up to, but not including, the Early Settlement Date, was approximately $659.5 million.

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