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ELAN FILES PROPOSED OFFERING

 ELAN FILES PROPOSED OFFERING
 ATHLONE, Ireland, Sept. 2 /PRNewswire/ -- Elan Corporation, plc


(AMEX: ELN) and Elan International Finance Ltd. announced today that they had filed with the Securities and Exchange Commission a proposed offering of Liquid Yield Option Notes ("LYONs") due 2012.
 The LYONs are zero-coupon, exchangeable subordinated notes issued by a newly formed subsidiary of Elan with anticipated principal amount at maturity of $245 million. The LYONs are exchangeable into Elan ADSs. The LYONs are redeemable for cash at any time after four years at the option of the company, at redemption prices equal to the issue price plus accrued original issue discount to the date of redemption. In addition, the holders of LYONs will have the right to cause the company to purchase the LYONs for cash or ADSs (at the option of the company) in years 5, 10 and 15.
 The net proceeds to Elan from the sale of the LYONs will be used for general corporate purposes.
 Merrill Lynch & Co. will act as sole underwriter.
 Elan International Finance Ltd. is a wholly owned subsidiary of Elan Corporation plc formed for the purpose of issuing those LYONs.
 Elan Corporation is a world leader in the specialized health care field of advanced reformulation and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif.; Cambridge, Mass.; Enschede, Holland and Mezzovico, Switzerland.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities shall only be made by means of a prospectus.
 -0- 9/2/92
 /CONTACT: Donald E. Panoz, chairman and chief executive officer, of Elan Corporation, plc, in Athlone: 0902-94666, or 800-252-3526/
 (ELN) CO: Elan Corporation, plc ST: Georgia IN: MTC SU: OFR


TS-OS -- NY041 -- 5931 09/02/92 12:40 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
Words:386
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