Oct. 14, 2009 (Business Wire) -- Elan Corporation, plc (NYSE:ELN) ("Elan") today announced the results as of the early tender date of the tender offer for the 7¾% Senior Fixed Rate Notes due 2011 (CUSIP No. 284138AC8) (the “Notes”) issued by its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. (the “Co-Issuers”).
As of 11:59 p.m., New York City time, on October 13, 2009, the Co-Issuers had received tenders in respect of $783.9 million aggregate principal amount of Notes, representing approximately 92.23% of the outstanding Notes, all of which have been accepted for purchase. The holders of the accepted Notes will be entitled to receive total consideration of $1,019.38 per $1,000 of principal amount tendered. The total consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes tendered.
The total cash payment to purchase the Notes, including accrued and unpaid interest up to, but not including, the early payment date, is approximately $824.3 million. Such payment is expected to be made on or about October 14, 2009. Holders who have not already tendered Notes may continue to do so at any time at or prior to 11:59 p.m. New York City time, on October 28, 2009, unless the Co-Issuers extend or earlier terminate the tender offer. However, such holders will not be entitled to receive any early tender premium, except in the case of any Notes that were tendered prior to 11:59 p.m., New York City time, on October 13, 2009, and which are ultimately accepted for purchase. Withdrawal rights for the tender offer have expired. Accordingly, holders may not withdraw any Notes previously or hereafter tendered, except as contemplated in the Co-Issuers’ Offer to Purchase dated September 29, 2009.
The terms and conditions of the tender offer, including the Co-Issuer’s obligation to accept the Notes tendered and pay the purchase price therefor, are set forth in the Offer to Purchase. The Co-Issuers may amend, extend or, subject to certain conditions, terminate the tender offer, in their sole discretion.
Morgan Stanley & Co. Incorporated is serving as the dealer manager for the tender offer. D.F. King & Co., Inc. is serving as the information agent and the depositary.
Neither Elan, its board of directors, the Co-Issuers, the information agent and depositary nor the dealer manager make any recommendation as to whether holders of the Notes should tender or refrain from tendering the Notes.
This announcement does not constitute an offer to purchase or a solicitation of an offer to sell securities. The tender offer is being made solely by means of the offer to purchase.
