Pharmaceutical giant Elan has repurchased bonds worth just under $800 million. The company confirmed today it has bought back liquid yield option (LYONDs) notes for $493.1 million.
Following the deal an estimated $1.6m of LYONs remain outstanding. The The purchase price was $616.57 in cash per $1,000 at maturity. The bonds are set to mature in 2018.