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Elan raises $1.15bn Back  
Elan Pharmaceuticals this month issued $1.15 billion in loan notes, well ahead of the $850 million it had previously announced it intended to sell.
The additional issue was made to satisfy strong market demand.

The funds raised will be used to repay earlier loan notes issued by Elan’s subsidiary EPIL III. The issue will also help fund the marketing costs of Antegren, which is expected to have received regulatory approval by 25th November.

Initially, it was intended that the the $850 million would be split between fixed and floating rate notes. However, in light of the additional demand, Elan sold $850 million in seven-year fixed notes and an additional $300 million in floating notes, also due in 2011.

The fixed notes, which cannot be bought back for four years, will yield 3.87 percentage points over US Treasuries.

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