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Biotech / Medical : Elan Corporation, plc (ELN)
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To: biostruggle who wrote (3427)10/22/2002 8:36:12 AM
From: Qualified Opinion  Read Replies (2) of 10345
 
Marvin, I believe you're incorrect.

You might be confused by a separate transaction in which Elan provided a guarantee and provided cash collateral to a bank.

Excerpt from the earnings release for quarter ending June, 2002:

"On June 29, 2002, EPIL III disposed of certain of its financial assets at estimated fair value, in accordance with the legal documentation entered into upon the formation of EPIL III, to an unaffiliated third party (the "Purchaser") for approximately $148.0 million. The Purchaser raised the financing for the purchase of the financial assets through borrowings under a bank facility. On the closing, the Purchaser's assets consisted solely of the disposed financial assets. Elan has provided a guarantee and provided cash collateral to the bank to support the Purchaser's obligation to repay the $148.0 million loan. In the event that the Purchaser does not repay the bank by September 29, 2002 by obtaining alternate financing or selling the financial assets (which in many cases, requires issuer consent), or otherwise, the bank will call upon the guarantee and the cash collateral. This would result in a loss to Elan of the amount payable under the guarantee. Any further decline in the financial markets since the disposition could impact the amount payable by Elan."
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