Elan to redeem all $624.5 million of senior notes due 2016 on Oct 31

By Tali David

Minneapolis, Oct. 1 - Elan Corp. plans to redeem all $624.5 million of its senior notes due 2016 issued on Oct. 2, 2009 and all senior notes due 2016 issued on Aug.17, 2010 by its wholly owned subsidiaries, Elan Finance plc and Elan Finance Corp., according to a press release.

The redemption is in relation to a previously announced tender offer, which will expire at 11:59 p.m. ET on Oct. 22.

The notes are redeemable at the co-issuers' option at a redemption price equal to 108.75 plus accrued interest on Oct. 31.

Elan is a neuroscience-based biotechnology company based in Dublin.

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