Elanco gives early results, lifts tender cap in offer for 2023 notes

By Rebecca Melvin

Concord, N.H., April 12 – Elanco Animal Health Inc. announced the early tender results for its March 29 offer to purchase up to $250 million of its 4.272% senior notes due 2023 (Cusip: 28414HAE3) for cash and lifted its purchase cap amount, according to a news release.

As of 5 p.m. ET on April 11, $406,391,000 aggregate principal amount, or about 54.19% of the principal outstanding had been tendered. The company increased the tender cap to that amount and expects that on April 13 it will accept for payment all of the notes validly tendered by the early tender time.

Holders will receive the total consideration of $1,035 per $1,000 principal amount, which includes an early tender payment of $30 per $1,000 of notes tendered by the early tender time.

Holders will also receive accrued interest up to the settlement date.

The offer is scheduled to expire at 12 a.m. ET on April 25, however, Elanco does not expect to accept any notes tendered after the early tender time.

All of the other conditions of the offer to purchase remain unchanged.

Citigroup Global Markets Inc. (800 558-3745 or 347 767-2785) is the dealer manager.

Global Bondholder Services Corp. (855 654-2014 or 212 430-3774) is the information agent.

Elanco is a Greenfield, Ind.-based animal health company that develops products and knowledge services to prevent and treat disease in food animals and pets.

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