Merrill Lynch & Co. has closed a $325 million credit line for debt- heavy Elan Corp., a Dublin-based pharmaceutical company.

The three-year facility includes an option to extend. U.S. banks included in the 22-member bank group include BankAmerica Corp., Bank of New York, and Citigroup Inc.

Co-arrangers on the loan are BankAmerica Corp., Bank of Ireland, the Dublin branch of Banque Nationale de Paris, Barclays Capital, Den Danske Bank, and Rabobank Ireland PLC.

In a statement announcing the loan agreement, Elan said it would use the credit line for general corporate purposes or acquisitions. Elan reported a net loss of $1.17 billion in 1998, compared with net income of $175 million a year earlier.

Compiled by David Weidner

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