Product Design & Development

Elan buys back $155 million in senior notes

By The Associated Press
Thursday, September 30, 2010

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Elan buys back $155 million in senior notes

Drugmaker Elan Corp. PLC said Thursday it bought back $155 million in senior notes due in 2013.

The Irish company said it bought $15.5 million in fixed rate notes and $139.5 million in floating rate notes. Elan said it spent $156 million in cash to buy the notes, including payments for interest. It had offered to buy back up to $186 million in debt. The offer expired Wednesday.

Elan said $10.5 million in floating rate notes and $449.5 million in fixed rate notes are still outstanding.

Elan shares lost 2 cents to $5.73 in aftermarket trading. The stock jumped 6.1 percent to $5.75 during the day.

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