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This excerpt taken from the ELN 6-K filed Mar 31, 2008. Athena
Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued
$650.0 million in aggregate principal amount of Athena
Notes due February 2008 at a discount of $2.5 million. The
Athena Notes were senior, unsecured obligations of Athena
Finance and were fully and unconditionally guaranteed on a
senior unsecured basis by Elan Corporation, plc and certain of
our subsidiaries. Issuance costs associated with the financing
amounted to $8.3 million. Interest was paid in cash
semi-annually.
On 14 January 2002, we entered into an interest rate swap
to convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value loss of
$0.4 million at 31 December 2006. On 22 November
2004, we entered into two interest rate swaps to convert an
additional $150.0 million and $50.0 million of this
debt to variable rate interest obligations. These swaps had a
fair value loss of $4.0 million at 31 December 2006.
There were equivalent movements in the fair values of the
related debt in each period, up to the issuance of the early
redemption notice in December 2006, relating to the hedged risk.
All swaps were cancelled in January 2007, as discussed further
below.
Interest was paid in cash semi-annually. Interest charged and
finance costs amortised in the year ending 31 December
2006, net of the effect of the interest rate swaps, amounted to
$45.6 million.
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which was purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write-off of
financing costs.
In December 2006, we issued an early redemption notice for the
Athena Notes. In January 2007, the remaining aggregate principal
amount of $613.2 million of the Athena Notes was redeemed,
plus a call premium of $13.4 million and accrued interest
of $15.8 million, and the related $300.0 million in
contract amount of interest rate swaps were cancelled. We
incurred a total expense related to the redemption of
$19.2 million, which was recognised using the effective
interest method over the period from the issuance of the
redemption notice to the redemption date. As a result, we
recorded a net charge on debt retirement of $11.5 million
in 2006, with the remaining charge of $7.7 million recorded
in 2007, comprised of $5.9 million relating to the
accretion of the call premium and $1.8 million of basis
adjustment amortisation relating to the interest rate swaps.
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Athena
Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued $650.0
million in aggregate principal amount of Athena Notes due
February 2008 at a discount of
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
$2.5 million. The Athena Notes were senior, unsecured
obligations of Athena Finance and were fully and unconditionally
guaranteed on a senior unsecured basis by Elan Corporation, plc
and certain of our subsidiaries. Issuance costs associated with
the financing amounted to $8.3 million. Interest was paid
in cash semi-annually.
On January 14, 2002, we entered into an interest rate swap
to convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value loss of
$0.4 million at December 31, 2006 (2005:
$0.2 million gain). On November 22, 2004, we entered
into two interest rate swaps to convert an additional
$150.0 million and $50.0 million of this debt to
variable rate interest obligations. These swaps had a total fair
value loss of $4.0 million at December 31, 2006 (2005:
$5.3 million). All swaps were cancelled in January 2007 as
discussed below.
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which were purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write off of
deferred financing costs.
In December 2006, we issued an early redemption notice for the
Athena Notes. In January 2007, the remaining aggregate principal
amount of $613.2 million of the Athena Notes was redeemed
and the related $300.0 million of interest rate swaps were
cancelled. As a result, we recorded a net charge on debt
retirement of $18.8 million in 2007, comprised of a call
premium of $13.4 million, the unamortized basis adjustment
relating to the swaps of $4.2 million and unamortized
financing costs of $1.2 million. As of December 31,
2006, the $613.2 million of aggregate principal amount for
the Athena Notes were classified as current liabilities.
This excerpt taken from the ELN 6-K filed Mar 30, 2007. Athena
Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued
$650.0 million in aggregate principal amount of Athena
Notes due February 2008 at a discount of $2.5 million. The
Athena Notes were senior, unsecured obligations of Athena
Finance and were fully and unconditionally guaranteed on a
senior unsecured basis by Elan Corporation, plc and certain of
our subsidiaries. Issuance costs associated with the financing
amounted to $8.3 million. Interest was paid in cash
semi-annually.
On 14 January 2002, we entered into an interest rate swap
to convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value loss of
$0.4 million at 31 December 2006 (2005:
$0.2 million gain). On 22 November 2004, we entered
into two interest rate swaps to convert an additional
$150.0 million and $50.0 million of this debt to
variable rate interest obligations. These swaps had a fair value
loss of $4.0 million at 31 December 2006 (2005:
$5.3 million). There were equivalent movements in the fair
values of the related debt in each period, up to the issuance of
the early redemption notice in December 2006, relating to the
hedged risk. All swaps were cancelled in January 2007 as
discussed below.
Interest was paid in cash semi-annually. Interest charged and
finance costs amortised in the year ending 31 December
2006, net of the effect of the interest rate swaps, amounted to
$45.6 million (2005: $44.5 million). At
31 December 2006, interest accrued was $15.8 million
(2005: $15.8 million).
Elan Corporation, plc 2006 Annual
Report 113
Table of Contents
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which was purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write-off of
financing costs.
In December 2006, we issued an early redemption notice for the
Athena Notes. In January 2007, the remaining aggregate principal
amount of $613.2 million of the Athena Notes was redeemed,
plus a call premium of $13.4 million and accrued interest
of $15.8 million, and the related $300.0 million in
contract amount of interest rate swaps were cancelled. We
incurred a total expense related to the redemption of
$19.2 million, which is recognised using the effective
interest method over the period from the issuance of the
redemption notice to the redemption date. As a result, we
recorded a net charge on debt retirement of $11.5 million
in 2006, comprised of $8.9 million relating to the
accretion of the call premium and $2.6 million of basis
adjustment amortisation relating to the interest rate swaps. An
additional net charge on debt retirement of $7.7 million
will be recorded in 2007.
The carrying value of the Athena Notes at 31 December 2006
of $619.1 million (2005: $610.8 million) comprised of
the outstanding principal of $613.2 million (2005:
$613.2 million) and the accretion of the call premium of
$8.9 million (2005: $Nil), and was recorded net of
unamortised financing costs of $1.2 million (2005:
$2.4 million) and unamortised basis adjustment relating to
the swaps of $1.8 million (2005: $Nil). At 31 December
2006, the carrying value of the Athena Notes was reclassified to
current liabilities.
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Athena
Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued
$650.0 million in aggregate principal amount of Athena
Notes due February 2008 at a discount of $2.5 million. The
Athena Notes were senior, unsecured obligations of Athena
Finance and were fully and unconditionally guaranteed on a
senior unsecured basis by Elan Corporation, plc and certain of
our subsidiaries. Issuance costs associated with the financing
amounted to $8.3 million. Interest was paid in cash
semi-annually.
On January 14, 2002, we entered into an interest rate swap
to convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value loss of
$0.4 million at December 31, 2006 (2005:
$0.2 million gain; 2004: $3.6 million gain). On
November 22, 2004, we entered into two interest rate swaps
to convert an additional $150.0 million and
$50.0 million of this debt to variable rate interest
obligations. The swaps had a total fair value loss of
$4.0 million at December 31, 2006 (2005:
$5.3 million; 2004: $0.9 million). All swaps were
cancelled in January 2007 as discussed below.
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which were purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write off of
deferred financing costs.
In December 2006, Elan issued an early redemption notice for the
Athena Notes. In January 2007, the remaining aggregate principal
amount of $613.2 million of the Athena Notes was redeemed
and the related $300.0 million of interest rate swaps were
cancelled. As a result, Elan will record a net charge on debt
retirement of approximately $20 million in 2007. As of
December 31, 2006, the $613.2 million of aggregate
principal amount for the Athena Notes were classified as current
liabilities.
This excerpt taken from the ELN 6-K filed Mar 31, 2006. Athena Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued
$650.0 million in aggregate principal amount of Athena
Notes due 2008 at a discount of $2.5 million. The Athena
Notes are senior, unsecured obligations of Athena Finance and
are fully and unconditionally guaranteed on a senior unsecured
basis by Elan Corporation, plc and certain of our subsidiaries.
Issuance costs associated with the financing amounted to
$8.3 million.
On 14 January 2002, we entered into an interest rate swap to
convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value gain of
$0.2 million at 31 December 2005 (2004:
$3.6 million). On 22 November 2004, we entered into two
interest rate swaps to convert an additional $150.0 million
and $50.0 million of this debt to variable rate interest
obligations. These swaps had a fair value loss of
$5.3 million at 31 December 2005 (2004:
$0.9 million). There are equivalent movements in the fair
values of the related debt in each period, relating to the
hedged risk.
Interest is paid in cash semi-annually. Interest charged and
finance costs amortised in the year ending 31 December
2005, net of the effect of the interest rate swap, amounted
to $44.5 million (2004: $44.6 million). At
31 December 2005, interest accrued was $15.8 million
(2004: $16.7 million).
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which was purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write-off of
financing costs.
The outstanding principal amount of the Athena Notes was
$613.2 million at 31 December 2005 (2004:
$650.0 million), and has been recorded net of unamortised
financing costs of $2.4 million (2004: $3.7 million).
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Athena
Notes
In February 2001, Athena Neurosciences Finance, LLC (Athena
Finance), an indirect wholly-owned subsidiary, issued
$650.0 million in aggregate principal amount of Athena
Notes due February 2008 at a discount of $2.5 million. The
Athena Notes are senior, unsecured obligations of Athena Finance
and are fully and unconditionally guaranteed on a senior
unsecured basis by Elan Corporation, plc and certain of our
subsidiaries. Issuance costs associated with the financing
amounted to $8.3 million. Interest is paid in cash
semi-annually.
On January 14, 2002, we entered into an interest rate swap
to convert our fixed rate interest obligations for
$100.0 million of the Athena Notes to variable rate
interest obligations. The swap had a fair value gain of
$0.2 million at December 31, 2005 (2004:
$3.6 million; 2003: $8.5 million). On
November 22, 2004, we entered into two interest rate swaps
to convert an additional $150.0 and $50.0 million of this
debt to variable rate interest obligations. The swaps had a
total fair value loss of $5.3 million at December 31,
2005 (2004: $0.9 million).
In June 2005, we retired $36.8 million in aggregate
principal amount of the Athena Notes, which was purchased for
$33.3 million plus accrued interest of $0.6 million.
As a result of the retirement, we recorded a net gain of
$3.1 million, net of $0.2 million for the write off of
deferred financing costs.
This excerpt taken from the ELN 6-K filed Apr 11, 2005. Athena Notes In February 2001, Athena Neurosciences Finance, LLC (“Athena Finance”), an indirect wholly-owned subsidiary of Elan, issued $650.0 million in aggregate principal amount of Athena Notes due 2008 at a discount of $2.5 million. The Athena Notes are senior, unsecured obligations of Athena Finance and are fully and unconditionally guaranteed on a senior unsecured basis by Elan Corporation, plc and certain of our subsidiaries. Issuance costs associated with the financing amounted to $8.3 million. Interest is paid in cash semi-annually. Interest charged in the year ending 31 December 2004 amounted to $47.1 million (2003: $47.1 million). At 31 December 2004, interest accrued was $16.7 million (2003: $16.7 million). On 14 January 2002, we entered into an interest rate swap to convert our fixed rate interest obligations for $100.0 million of the Athena Notes to variable rate interest obligations. The swap had a fair value gain of $3.6 million at 31 December 2004 (2003: $8.5 million). On 22 November 2004, we entered into an interest rate swap to convert an additional $200.0 million of this debt to variable rate interest obligations. The swap had a fair value loss of $0.9 million at 31 December 2004 (2003: $Nil). | EXCERPTS ON THIS PAGE:
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