DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc ("Elan") today announced the pricing of the offering of US$625 million aggregate principal amount of senior notes due 2016 (“New Notes”) by its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. The New Notes will carry a coupon of 8.75% per annum, payable semi-annually in arrears beginning April 15, 2010. The offering is expected to close on October 2, 2009, subject to customary closing conditions. The New Notes will be fully and unconditionally guaranteed by Elan and certain of its subsidiaries. Proceeds from the New Notes will be used for refinancing certain existing debt of Elan and its subsidiaries, to pay fees and expenses related thereto and for general corporate purposes.
