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Elan Announces Expiration Of Cash Tender Offer And Consent Solicitation For 8.75% Senior Notes Due 2016

Stocks in this article: ELN

Elan Corporation, plc (“Elan”) (NYSE: ELN) announced today the expiration and final results of the cash tender offer and consent solicitation (the “Tender Offer and Consent Solicitation”), commenced on September 24, 2012, by its wholly-owned subsidiaries, Elan Finance public limited company (“Elan Finance”) and Elan Finance Corp. (“Elan Corp.” and together with Elan Finance, the “Co-Issuers”), to purchase any and all of their outstanding 8.75% Senior Notes due 2016 issued on October 2, 2009 (the “2009 Notes”) and 8.75% Senior Notes due 2016 issued on August 17, 2010 (the “2010 Notes” and, together with the 2009 Notes, the “Notes”). The tender offer expired on October 22, 2012, at 11:59 p.m., New York City time (the "Expiration Date").

On October 9, 2012 (the “Early Settlement Date”), the Co-Issuers made a payment in cash for all Notes tendered prior to 11:59 p.m., Eastern time, on October 5, 2012 (the “Consent Payment Deadline”). As of the Consent Payment Deadline, the Co-Issuers had received tenders and consents in respect of (i) $439.5 million aggregate principal amount of 2009 Notes, representing approximately 93.10% of the outstanding aggregate principal amount of the 2009 Notes, and (ii) $141.3 million aggregate principal amount of 2010 Notes, representing approximately 92.69% of the outstanding aggregate principal amount of the 2010 Notes, all of which were accepted for purchase. The holders of the accepted Notes received total consideration of $1,093.34 per $1,000 of principal amount tendered, which amount included a consent payment of $40.00 per $1,000 principal amount of Notes tendered. The total cash payment to purchase such Notes, including accrued and unpaid interest up to, but not including, the Early Settlement Date, was approximately $659.5 million.

As of the Consent Payment Deadline, Elan also received consents from holders representing a majority in aggregate principal amount outstanding of each of the 2009 Notes and the 2010 Notes to adopt the proposed amendments to the indentures governing each of the 2009 Notes and the 2010 Notes. On the Early Settlement Date, Elan and the Co-Issuers entered into supplemental indentures effecting the proposed amendments with respect to each series of Notes.

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