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PDL BioPharma Announces Adjusted Conversion Rates for Its Convertible Notes
Date:12/7/2011

INCLINE VILLAGE, Nev., Dec. 7, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for its:

  • 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 155.354 shares of common stock per $1,000 principal amount or approximately $6.44 per share, effective December 9, 2011; and
  • 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 135.9849 shares of common stock per $1,000 principal amount or approximately $7.35 per share, effective December 6, 2011.

The conversion rates for the two Notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 15, 2011, to all stockholders who own shares of PDL on December 8, 2011, the record date.

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February 2015 Notes

The conversion rate for the February 2015 Notes was previously 151.713 shares of common stock per $1,000 principal amount of the February 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the five consecutive trading days immediately preceding the ex-dividend date of December 6, 2011, for the cash dividend, and the denominator of which is the difference of such average closing price less the dividend amount.

May 2015 Notes

The conversion rate for the May 2015 Notes was previously 132.6682 shares of common stock per $1,000 principal amount of the May 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numer
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SOURCE PDL BioPharma, Inc.
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