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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
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SOURCE PDL BioPharma, Inc.
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