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:5/3/2016)... , May 3, 2016  Dr. Thomas ... surgeon in The Woodlands, Texas , ... 24 percent of treated fat cells in just 25-minutes, ... Close to 90 percent of Americans report feeling bothered ... Nonsurgical fat reduction procedures are a growing industry. This ...
(Date:5/2/2016)... 2016 Q BioMed Inc. (QBIO), ... Mannin Research Inc. will be attending the Association for ... from May 1-5, 2016 in Seattle Washington ... its vendors and research partners. The meeting provides organizations ... other collaborative opportunities for the MAN-01 program for treatment ...
(Date:5/2/2016)... ... May 02, 2016 , ... F.E.E.D. ... pre-launch success of their revolutionary, veterinarian-designed product for indoor cats. The NoBowl Feeding ... play with their food the way nature intended. NoBowls make cats happy and ...
(Date:4/29/2016)... ... 2016 , ... Amendia, Inc., a leading designer, developer, manufacturer ... completion of a significant transaction and partnership that positions Amendia for accelerated growth ... Kohlberg & Company, L.L.C. (“Kohlberg”), a leading private equity firm specializing in middle ...
Breaking Biology Technology:
(Date:3/11/2016)... , March 11, 2016 ... new market research report "Image Recognition Market by Technology ... (Marketing and Advertising), by Deployment Type (On-Premises and Cloud), ... To 2022", published by MarketsandMarkets, the global market is ... to USD 29.98 Billion by 2020, at a CAGR ...
(Date:3/9/2016)... March 9, 2016 Nigeria ... that more than 23,000 public service employees either did ... receiving their salary unlawfully.    --> ... identified that more than 23,000 public service employees either ... been receiving their salary unlawfully.    --> ...
(Date:3/3/2016)... Calif. , March 3, 2016  2016FLEX, ... launched this week highlighting advancements in flexible, hybrid ... a record setting attendance - have gathered for ... this fast-growing field of electronics. The Flex Conference ... focal point for companies, R&D organizations, and universities ...
Breaking Biology News(10 mins):