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PDL BioPharma Announces Exchange to Retire 2.00% Convertible Senior Notes Due February 15, 2012
Date:10/27/2010

INCLINE VILLAGE, Nev., Oct. 27 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL, the Company) (Nasdaq: PDLI) today announced that it has entered into separate privately negotiated exchange agreements under which it will retire $92.0 million in aggregate principal of the Company's outstanding 2.00% Convertible Senior Notes due February 15, 2012 (the 2012 Notes).  Pursuant to the exchange agreements, the holders of the 2012 Notes will receive $92.0 million in aggregate principal of new 2.875% Convertible Senior Notes due February 15, 2015 (the 2015 Notes).  Following the exchange, $136.0 million of the 2012 Notes will remain outstanding.

The Company also announced that it entered into privately negotiated agreements to place an additional $88.0 million in aggregate principal amount of the 2015 Notes for cash.  The net cash proceeds from the issuance of such 2015 Notes will be used for corporate, capital management and business development purposes.  The shares of the Company's common stock issuable upon the conversion of the 2015 Notes have been reserved for issuance by the Company and listed on the NASDAQ Stock Market.

The issuance of the 2015 Notes will not be registered under the Securities Act of 1933, as amended, in reliance on exemption from registration thereunder.

No Solicitation

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.  

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. PDL is focused on maximizing the value of its antibody humanization patents and rela
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SOURCE PDL BioPharma, Inc.
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