This excerpt taken from the ELN 6-K filed Apr 11, 2005.
c Securitised investments
During the year ended 31 December 2004, the entire investment portfolio held as security against the EPIL II Notes, which had a carrying value of $56.6 million, was sold in connection with the repayment of the EPIL II Notes in June 2004.
Investments held as security against the EPIL III Notes with a carrying value of $84.4 million were disposed of during the period, primarily relating to the sale of investment securities in Warner Chilcott plc of $58.9 million and Atrix, Inc. of $20.8 million.
The securitised investments at 31 December 2004 with a carrying value of $0.9 million, had a fair value at that date of $0.9 million. These investments, together with the cash proceeds from the disposal of the investment portfolio of $124.3 million, are held as security against the EPIL III Notes in principal amount of $39.0 million, issued in a securitisation transaction, which were repaid in full in March 2005. For additional information regarding these notes, please refer to Note 16 to the Consolidated Financial Statements.