This excerpt taken from the ELN 6-K filed Mar 31, 2008.
Interest Rate Risk on Debts
Our long-term debt is primarily at fixed rates, except for the $300.0 million of Floating Rate Notes due 2011 and $150.0 million of Floating Rate Notes due 2013 issued in November 2004 and November 2006, respectively. Interest rate changes affect the amount of interest on our variable rate debt.
50 Elan Corporation, plc 2007 Annual Report
The table below summarises the market risks associated with our fixed and variable rate debts outstanding at 31 December 2007:
If market rates of interest on our variable rate debts, increased by 10%, then the increase in interest expense on the variable rate debts would be $4.1 million annually. As of 31 December 2007, the fair value of our debts was $1,680.6 million. See Notes 21 and 26 to the Consolidated Financial Statements for additional information on our debts.