Elan has repurchased about $524 million worth of low-yield notes to cancel debt as part of its restructuring.
The repurchases represented some 40 per cent of the Low Yield Option Notes (LYONs) outstanding at the beginning of the year.
Since the fourth quarter of 2002, Elan has repurchased a total of $842 million in debt notes, representing about 51 per cent of the originally issued LYONs.
Holders of the LYONs may require Elan to purchase all or a portion of their LYONs on December 14th, 2003, at a price equal to the issue price of the LYONs plus all accrued original issue discount through the purchase date.
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Elan may , at its option, elect to pay the purchase price for the LYONs in cash, by Elan shares ADSs, or any combination of the two.