Elan Corporation announced that its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp intend to offer for financing, subject to market conditions, US$800.0 million in aggregate principal amount of Senior Notes due 2021.

The Notes will be fully and unconditionally guaranteed by Elan and substantially all of its subsidiaries.

The net financing proceeds of the Notes offering will be deposited into escrow pending the closing of Elan’s previously announced pending royalty participation transaction with Theravance.

Upon release of the net financing 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 financing 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.

Daily news stories                                                                           

For further deal information visit Current Agreements (subscription required)

Related

View:Current Partnering’s Partnering Scorecard – view top life science partnering deals by value 

View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making

View:Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity                 

View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity

Signup: Current Partnering Dealmakers Update – weekly newsletter providing the latest life science industry deal news, deal making trends, partnering events – sign up now                                

Signup: Current Agreements Deals Review – monthly newsletter - reviewing the previous month’s life science deal making – partnering, M&A and financing – sign up now 

Subscribe: Current Agreements life sciences partnering, M&A and financing deals database – find out more 

Follow us on: LinkedIn Current Partnering | LinkedIn Business Development Network | @Currentpartner on Twitter