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This excerpt taken from the ELN 6-K filed Mar 31, 2006. EPIL III Notes
In March 2005, EPIL III repaid the remaining EPIL III
Notes of $39.0 million.
Interest charged, including finance costs amortised, on the
EPIL III Notes in 2005 amounted to $0.6 million (2004:
$33.6 million). The 2004 interest charge includes
$6.4 million relating to the consent and early payment fees
for the repayment of EPIL III Notes.
Elan Corporation, plc 2005 Annual Report 113
Table of Contents
This excerpt taken from the ELN 6-K filed Apr 11, 2005. EPIL III Notes In March 2001, we transferred a portfolio of equity and debt securities to a special purpose entity, EPIL III, a wholly-owned subsidiary of Elan. EPIL III issued $200.0 million in aggregate principal amount of the Series C guaranteed notes in a private placement to a group of financial institutions. In addition, EPIL III issued $160.0 million in aggregate principal amount of the Series A guaranteed notes and $190.0 million of the Series B guaranteed notes, in exchange for all outstanding 8.43% guaranteed notes issued in June 1999 by EPIL. The Series A guaranteed notes were, and the Series B guaranteed notes and Series C guaranteed notes are, fully and unconditionally guaranteed on a subordinated basis by Elan. The Series A guaranteed notes bore interest at the rate of 8.43% per annum. The Series B guaranteed notes bore interest at the rate of 8.43% per annum through June 2002 and 7.72% per annum thereafter. The Series C guaranteed notes bear interest at the rate of 7.62% per annum. The Series A guaranteed notes matured and were repaid in June 2002. In 2001, EPIL III paid cash of $106.0 million to us and also exchanged the EPIL III Series A and Series B guaranteed notes for all outstanding 8.43% guaranteed notes as consideration for the portfolio of investments transferred to it. Other than these payments and a payment of $0.8 million (2003: $0.8 million) for administration services, there were no other cash flows between EPIL III and us in 2004 and 2003. The remaining investments and cash in EPIL III are held as security against the EPIL III Series B guaranteed notes and the Series C guaranteed notes. These assets were not available for distribution outside EPIL III. The investments and cash had a fair value of $125.3 million (principally cash of $124.3 million), and a carrying value of $125.3 million, at 31 December 2004. In November 2004, through our wholly-owned subsidiary, Elan International Services, Ltd., we completed a cash tender offer to purchase $351.0 million of the EPIL III Series B and Series C guaranteed notes. In
March 2005, EPIL III repaid the remaining Series B and Series C guaranteed notes of $39.0 million. The Series B guaranteed notes and the Series C guaranteed notes were guaranteed on a subordinated basis by us and subsequently, in accordance with the provisions of FRS 5, the Series B guaranteed notes and the Series C guaranteed notes, investments and cash were included separately in our consolidated balance sheet. Issuance costs associated with the EPIL III Notes amounted to $6.1 million. Interest charged on the EPIL III notes in 2004 amounted to $33.1 million (2003: $29.9 million). The 2004 interest charge includes $6.4 million relating to the consent and early payment fees for the repayment of EPIL III Notes. The liability outstanding at 31 December 2004, net of financing costs, was $39.0 million (2003: $389.5 million) with interest accrued of $Nil (2003: $0.2 million). | EXCERPTS ON THIS PAGE:
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