Pharmaceutical company Elan says it has bought back 40% of its Liquid Yield Options Notes which were due for repayment by the end of the year.
The total purchase price was €310m, representing a discount of around 4% to the €323m value of the LYONs at December 14 2003.
As a result, the aggregate purchase price of the LYONs has been reduced from just over $1 billion to $494m.
Since the fourth quarter of last year, Elan has bought back a total of $842m worth of LYONs, representing around 51% of those originally issued, for a total of $460m.
Yesterday, an EGM of Elan's shareholders approved the restructured deal selling two drugs to King Pharmaceuticals.
Shares in the company closed 13 cent higher at €7.03 in Dublin on Friday evening.
