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PDL BioPharma, Inc. Announces Proposed $135 Million Public Offering of New Convertible Senior Notes Due 2015
Date:5/9/2011

INCLINE VILLAGE, Nev., May 9, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL, the Company) (NASDAQ: PDLI) today announced that it intends to offer, subject to market and other conditions, $135 million aggregate principal amount of new convertible senior notes due May 2015 under the Company's shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on May 9, 2011. The Company also expects to grant the underwriters a 13-day overallotment option to purchase up to an additional $20.25 million aggregate principal amount of notes on the same terms and conditions.

The notes will be senior unsecured obligations of the Company and interest will be payable semiannually. The notes may be converted, under certain circumstances, into cash and, if applicable shares of the Company's common stock. The notes contain a net share settlement feature so that upon conversion the Company will deliver cash equal to the lesser of the aggregate principal amount of notes to be converted and the Company's total conversion obligation, plus shares for the remainder, if any, of the conversion obligation. The interest rate, conversion price, offering price and other terms of the notes will be determined by the Company and the underwriters.

In connection with the offering of the convertible notes, the Company expects to enter into privately negotiated convertible note hedge transactions with counterparties that may include one or more of the underwriters (and/or their respective affiliates) (the "hedge counterparties").  The convertible note hedge transactions will cover, subject to customary anti-dilution adjustments, the number of shares of the Company's common stock that will initially underlie the convertible notes, and are intended to reduce the dilutive impact of the conversion feature of the notes on the Company’s outstanding shares of common stock.
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SOURCE PDL BioPharma, Inc.
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