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This excerpt taken from the ELN 6-K filed Mar 31, 2006. Floating Rate Notes
In November 2004, we also completed the offering and sale of
$300.0 million in aggregate principal amount of senior
floating rate notes (Floating Rate Notes) due 15 November
2011, also issued by Elan Finance. The Floating Rate Notes bear
interest at a rate, adjusted quarterly, equal to three-month
London Interbank Offer Rate (LIBOR) plus 4.0%, except the first
interest payment, which bears interest at a rate equal to
six-month LIBOR plus 4.0%. Elan Corporation, plc and
certain of our subsidiaries have guaranteed the Floating Rate
Notes. At any time prior to 15 November 2006, we may redeem
the Floating Rate Notes, in whole, but not in part, at a price
equal to 100% of their principal amount plus a make-whole
premium, plus accrued and unpaid interest. We may redeem the
Floating Rate Notes, in whole or in part, beginning on
15 November 2006 at an initial redemption price of 102% of
their principal amount, plus accrued and unpaid interest. In
addition, at any time after 17 February 2006 and on or prior to
15 November 2007, we may redeem up to 35% of the Floating
Rate Notes using the proceeds of certain equity offerings at a
redemption price of 100% of the principal amount plus a premium
equal to the interest rate per annum on the Floating Rate Notes,
plus accrued and unpaid interest thereon.
Interest is paid in cash semi-annually. Interest charged and
finance costs amortised in the year ending 31 December 2005
amounted to $23.0 million (2004: $2.6 million). At
31 December 2005, interest accrued was $3.2 million
(2004: $2.5 million).
The outstanding principal amount of the Floating Rate Notes was
$300.0 million at 31 December 2005 (2004:
$300.0 million), and has been recorded net of unamortised
financing costs of $6.0 million (2004: $6.9 million).
Elan Corporation, plc 2005 Annual Report 115
Table of Contents
This excerpt taken from the ELN 6-K filed Apr 11, 2005. Floating Rate Notes In November 2004, we also completed the offering and sale of $300.0 million in aggregate principal amount of Floating Rate Notes due 15 November 2011, also issued by Elan Finance. The Floating Rate Notes bear interest at a rate, adjusted quarterly, equal to three-month LIBOR plus 4.0%, except the first interest payment, which bears interest at a rate equal to six-month London Interbank Offer Rate (“LIBOR”) plus 4.0%. Elan Corporation, plc and certain of our subsidiaries have guaranteed the Floating Rate Notes. At any time prior to 15 November 2006, we may redeem the Floating Rate Notes, in whole, but not in part, at a price equal to 100% of their principal amount plus a make-whole premium plus accrued and unpaid interest. We may redeem the Floating Rate Notes, in whole or in part, beginning on 15 November 2006 at an initial redemption price of 102% of their principal amount plus accrued and unpaid interest. In addition, at any time after 17 February 2006 and on or prior to 15 November 2007, we may redeem up to 35% of the Floating Rate Notes using the proceeds of certain equity offerings. Interest charged in the year ending 31 December 2004 amounted to $2.5 million (2003: $Nil). At 31 December 2004, interest accrued was $2.5 million (2003: $Nil). | EXCERPTS ON THIS PAGE:
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