Sorted and the City: Elan to cash in on shares offer; DRUGS COMPANY BIDS TO RAISE MILLIONS AT MARKET.Byline: CHRIS PARKIN parkinNoun Brit a moist spicy ginger cake usually containing oatmeal [origin unknown] THE Elan (Emulated LAN) A virtual LAN in the ATM world. See LANE and virtual LAN. Elan - ["Top-down Programming with Elan", C.H.A. Koster, Ellis Horwood 1987]. pharmaceutical group yesterday revealed plans to place 35 million new shares and issue fresh bonds in an exercise aimed at raising almost EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 400 million. The proceeds will be used by subsidiary Elan Finance Corporation to repurchase outstanding Liquid Yield Option Notes due in the year 2018. Any excess proceeds are expected to be used by Elan and its subsidiaries for general corporate purposes. Elan also said they had received waivers from the holders of a majority in aggregate principal amount of guaranteed notes issued by the Elan Pharmaceutical Investments II and Elan Pharmaceutical Investments III subsidiaries. The waivers - which will become effective upon satisfaction of certain conditions, including the sale by Elan of not less than 30 million shares in a concurrent offering - will enable the company to complete the proposed convertible note offering. The funding was seen in Dublin as removing speculation concerning Elan's intentions on this near-term debt, offering the company more financial comfort over the short to medium term, albeit at some upfront dilution to equity holders. Elan said they had received waivers from some of its bondholders which will allow the offering to go ahead. The Irish-based group concentrates on the discovery, development, manufacturing, sale and marketing of novel therapeutic products in neurology neurology (n  rŏl`əjē, ny–), study of the morphology, physiology, and pathology of the human nervous system. , severe pain and auto-immune diseases.
n STATE-BACKED gas company Bord Gais has successfully raised E375million through a private placement in the American market. The development hoisted the business's borrowings beyond the E1billion mark. Bord Gais insisted, however, that the debt to total capitalisation ratio of 55 per cent was normal for a utility concern. The proceeds of the placing are to be directed at various capital investment projects and to increase the capacity of the Bord Gais network. Bord Gais are now in a major expansionist ex·pan·sion·ism n. A nation's practice or policy of territorial or economic expansion. ex·pan  sion·ist adj. & n. phase, with the gas
market due to open completely in 2005.
CAPTION(S): EURO BOOST: Pharmaceutical group Elan is hoping to net EUR400 million with a new share placing |
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