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This excerpt taken from the ELN 20-F filed Feb 26, 2009. Net
Interest Expense
Net interest expense was $132.0 million in 2008,
$113.1 million in 2007 and $111.5 million in 2006. The
increase of 17% in 2008 as compared to 2007 was primarily due to
decreased interest income as a result of lower cash balances and
reduced interest rates, partially offset by lower debt interest
expense as a result of lower interest rates associated with the
Floating Rate Notes due 2011 and 2013.
The increase of 1% in 2007 as compared to 2006 primarily
reflects less interest income earned as a result of lower cash
balances.
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Net
Interest Expense
Net interest expense was $113.1 million in 2007,
$111.5 million in 2006 and $125.7 million in 2005. The
increase of 1% in 2007 as compared to 2006 primarily reflects
less interest income earned as a result of lower cash balances.
At December 31, 2007, all of Elan’s liquid investments
were invested in bank deposits and funds. In December 2007, due
to the dislocations in the capital markets, one of these funds
was closed. As a result, at December 31, 2007, the amount
invested in this fund of $274.8 million was no longer
included in cash and cash equivalents and was presented as an
investment. Since December 31, 2007, Elan has reduced the
amount invested in this fund to approximately $100 million
and has moved approximately $175 million into bank deposits
and United States treasury funds. Included within net interest
expense for 2007 is net interest income of $42.3 million,
which includes a charge of $3.8 million incurred in
relation to this fund. There were no equivalent charges in 2006
or 2005.
The decrease in net interest expense of 11% in 2006 as compared
to 2005 primarily reflected the decrease in interest expense
associated with the early retirement of $36.8 million of
the 7.25% senior notes (Athena Notes) due in 2008, the early
conversion of $206.0 million in aggregate principal amount
of 6.5% Convertible Notes in the second quarter of 2005,
and increased interest income associated with higher cash
balances and interest rates, partially offset by interest
expense related to the 8.875% senior notes due in 2013
(8.875% Notes) and senior floating rate notes due in 2013
(Floating Rate Notes due 2013), both of which were issued in
November 2006.
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Net
Interest Expense
Net interest expense was $125.7 million in 2005, compared
to $109.0 million in 2004. The increase of 15% primarily
reflects the interest costs associated with the issuance of
$850.0 million of 7.75% senior fixed rate notes
(7.75% Notes) and $300.0 million of senior floating
rate notes due in 2011 (Floating Rate Notes due 2011) in
November 2004, partially offset by the impact of the repayment
of the Elan Pharmaceutical Investments III Ltd.
(EPIL III) Series B and C guaranteed notes
(collectively, EPIL III Notes) in November 2004, the early
retirement of $36.8 million of the Athena Notes due in 2008
and the early conversion of $206.0 million in aggregate
principal amount of 6.5% Convertible Notes due in 2008 in
the second quarter of 2005, and increased interest income
associated with higher cash balances and interest rates.
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Net
Interest Expense
Net interest expense was $109.0 million in 2004, compared
to $103.8 million in 2003, an increase of 5%. The increase
was primarily a result of the issuance of the
$850.0 million of 7.75% Notes and $300.0 million
of Floating Rate Notes in November 2004, offset by the
repurchase of $351.0 million of the EPIL III Notes and
by lower interest expense due to the Liquid Yield Option Notes
(LYONs) repurchases during 2003. In addition, the
$460.0 million 6.5% Convertible Notes, which were
issued in November 2003, were outstanding throughout 2004.
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