Navigation Links
PDL BioPharma Announces Conversion Rate Adjustments for Convertible Notes
Date:9/5/2012

INCLINE VILLAGE, Nev., Sept. 5, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for the:

(Logo: http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

  • 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 166.264 shares of common stock per $1,000 principal amount or approximately $6.01 per share, effective September 10, 2012;
  • 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 145.4893 shares of common stock per $1,000 principal amount or approximately $6.87 per share, effective September 5, 2012; and
  • 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (Series 2012 Notes) is 166.264 shares of common stock per $1,000 principal amount or approximately $6.01 per share, effective September 5, 2012.

The conversion rates for the notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on September 14, 2012, to all stockholders who own shares of PDL on September 7, 2012, the record date.

February 2015 Notes
The conversion rate for the February 2015 Notes was previously 162.885 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 September 5, 2012, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.

May 2015 Notes
The conversion rate for the May 2015 Notes was previously 142.5217 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 numerator of which is the average closing price of PDL's common stock for the ten consecutive trading days immediately preceding the ex-dividend date of September 5, 2012, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.

Series 2012 Notes
The conversion rate for the Series 2012 Notes was previously 162.885 shares of common stock per $1,000 principal amount of the Series 2012 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 September 5, 2012, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.

About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new revenue generating assets and maximizing the value of its patent portfolio and related assets. For more information, please visit www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

Forward-looking Statements
The foregoing statements regarding PDL's intentions with respect to the cash dividend payment described above constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Important factors that could impair the value of the Company's royalty assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's 2011 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2012. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Keryx Biopharmaceuticals, Inc. Announces Upcoming Poster Presentations of Zerenex™ (Ferric Citrate) at the Upcoming American Society of Nephrology Kidney Week 2011 Annual Meeting
2. PDL BioPharma Announces Adjusted Conversion Rates for Its Convertible Notes
3. CeNeRx BioPharma Completes $4.85 Million Financing
4. PDL BioPharma Completes Regular Quarterly Dividend Payment
5. PAREXEL Introduces Executive Briefing Series on Proven Practices to Assist Emerging and Mid-size Biopharma in Achieving Better Outcomes
6. Inspiration Biopharmaceuticals Moves Corporate Headquarters to Cambridge, Massachusetts
7. Keryx Biopharmaceuticals to Present at JP Morgans 30th Annual Healthcare Conference
8. HealthCare Institute of New Jersey Releases 2011 Biopharmaceutical and Medical Technology Economic Impact Data
9. Sigma-Aldrich to Acquire BioReliance; Extending Its Reach into Biopharmaceutical Testing and Services
10. Galien Foundation Announces 2012 Awards Program For Best Biopharmaceutical Products and Best Medical Technology
11. Laureate Biopharma Appoints Les Mintzmyer, Vice President, Operations
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/20/2017)... ... January 20, 2017 , ... The two newest companies to join the ... Vironika, a spin out from The Wistar Institute, and Sanguis, launched by a trio ... Market Street. , Vironika is developing a treatment for a chronic viral infection ...
(Date:1/20/2017)... Ginkgo Bioworks, the organism company, announced ... the synthesis and assembly of DNA. The acquisition ... synthetic DNA into Ginkgo,s automated organism engineering foundries, ... of new organism designs for application across a ... founded to significantly increase the world,s capacity to ...
(Date:1/20/2017)... ... January 20, 2017 , ... SpineFrontier, ... next evolution in spinal fusion, the MISquito Percutaneous Pedicle Screw System (part ... SpineFrontier is focused on technique driven product solutions that provide maximum efficiency ...
(Date:1/19/2017)... PUNE, India , Jan. 19, 2017  Market Research Future ... The Global Market for Liquid Biopsy is growing rapidly and expected ... period. Market Highlights ... The Global Liquid Biopsy Market has been assessed as ... high growth figures and boom in the coming future. There has ...
Breaking Biology Technology:
(Date:12/16/2016)...   IdentyTechSolutions America LLC , a leading ... and a cutting-edge manufacturer of software and hardware ... seamless, integrated solutions that comprise IDT biometric readers ... provide IdentyTech,s customers with combined physical identification and ... and theft. "We are proud to ...
(Date:12/15/2016)... , Dec. 15, 2016   WaferGen Bio-systems, ... held genomics technology company, announced today that on December ... Qualifications Department of The Nasdaq Stock Market LLC which ... bid price of WaferGen,s common stock had been at ... WaferGen has regained compliance with Listing Rule 5550(a)(2) of ...
(Date:12/15/2016)... 14, 2016 "Increase in mobile transactions is ... mobile biometrics market is expected to grow from USD ... 2022, at a CAGR of 29.3% between 2016 and ... the growing demand for smart devices, government initiatives, and ... "Software component is expected to grow at a high ...
Breaking Biology News(10 mins):