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ELAN ANNOUNCES LYONS OFFERING

 ELAN ANNOUNCES LYONS OFFERING
 ATHLONE, Ireland, Oct. 9 /PRNewswire/ -- Elan Corporation plc


(AMEX: ELN) today announced that its wholly owned subsidiary offered $120,678,750 ($375 million principal amount at maturity) of Liquid Yield Option Notes due 2012, exclusive of the underwriter's over allotment option. Each LYON is being offered at $321.81 per $1,000 principal amount at maturity representing a yield to maturity of 5.75 percent per annum (computed on a semi-annual bond equivalent basis). Each Lyon is unconditionally guaranteed on a subordinated basis by Elan and is exchangeable for Elan ADSs at an exchange rate of 10,801 ADSs per Lyon, representing an initial premium of 18 percent over the closing price of $25-1/4 per share on Oct. 8.
 Elan intends to use the proceeds from the offering for general corporate purposes, including the development and commercialization of products, capital expenditures and potential acquisitions.
 Lyons is a trademark of Merrill Lynch & Co. Inc., which is acting as sole underwriter for the offering.
 A copy of the prospectus can be obtained from the company at Monksland, Athlone, Ireland, Brian Crotty (011-353-902-94666) or Tritech Services, 4 Corporate Place, Piscataway, N.J. 08854 (908-878-6525).
 Elan Corporation 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; Enscheded, Netherlands and Manila, Philippines.
 -0- 10/9/92
 /CONTACT: Donald H. Panoz or Brian Crotty of Elan Corporation plc, 800-252-3526, or Thomas Redington of Redington, Inc., 203-222-7399, or 212-926-1733, for Elan Corporation plc/
 (ELN) CO: Elan Corporation plc ST: IN: MTC SU: OFR


TS-OS -- NY004 -- 8209 10/09/92 08:49 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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