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.
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