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ELAN LYONS OFFERING COMPLETED

 ELAN LYONS OFFERING COMPLETED
 ATHLONE, Ireland, Oct. 16 /PRNewswire/ -- Elan Corporation plc.


(AMEX: ELN) today announced that its subsidiary, Elan International Finance Ltd. ("EIF") completed its underwritten offering of Liquid Yield Option Notes due 2012, zero coupon subordinated ("LYONs"). As a result of the underwriter exercising in full its overallotment option, $431,250,000 aggregate principal amount at maturity of the LYONs were sold, resulting in net proceeds to EIF of $134,619,000.
 Each LYON was offered at $321.81 per $1,000 principal amount at maturity, representing a yield maturity of 5.75 percent per annum. Each LYON is exchangeable at any time prior to maturity for ADSs of Elan. The initial exchange rate is 10.801 ADSs for each LYON, representing a premium of approximately 18 percent over the current market price for Elan ADSs.
 The LYONs are redeemable by the issuer after Oct. 16, 1996.
 LYONs is a trademark of Merrill Lynch & Co. Inc., who acted as sole underwriter for the offering.
 Elan Corporation plc. is a world leader in the specialized health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif.; and Cambridge, Mass., in the United States; Enschede, Netherlands; Manila, Philippines; and Mezzovico, Switzerland.
 -0- 10/16/92
 /CONTACT: Donald E. Panoz or Brian Crotty of Elan, in Ireland, 800-252-3526 or 902-94666; or Thomas Redington of Redington Inc., in New York, 203-222-7399 or 212-926-1733, for Elan/
 (ELN) CO: Elan Corporation plc ST: IN: MTC SU: OFR


GK-AH -- NY049 -- 1014 10/16/92 14:06 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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