DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc ("Elan") (NYSE: ELN) today announced the pricing of the offering of US$200 million aggregate principal amount of 8.75% senior notes due 2016 (“Notes”) by its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. The Notes will be issued at an offering price of 96.0 plus accrued interest, if any, from August 17, 2010. The offering is expected to close on August 17, 2010, subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed by Elan and certain of its subsidiaries. Proceeds from the Notes, together with available cash on hand, will be used to redeem all of the Issuers’ outstanding Floating Rate Notes due 2011 (the “Redemption”), to pay fees and expenses incurred in connection with the offering and the Redemption and for general corporate purposes. This release does not constitute a notice of redemption. Any such notice, if issued, shall be issued pursuant to the terms of the indenture governing the Floating Rate Notes due 2011.
