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PDL BioPharma Announces Retirement of $61.6 Million of 2.75% Convertible Notes due August 2023 for Common Stock
Date:8/5/2010

INCLINE VILLAGE, Nev., Aug. 5 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) announced today that it has entered into separate privately negotiated agreements under which it will retire $61.6 million in aggregate principal amount of the Company's outstanding 2.75% Convertible Subordinated Notes, due August 16, 2023 (the "2023 Notes") for consideration consisting of the issuance of the number of shares of common stock for which those 2023 Notes were convertible by their terms plus 184,677 additional shares issued as an inducement for such holders to surrender their 2023 Notes at this time.  The holders will also receive a cash payment for accrued and unpaid interest on the Notes.  The transaction was structured as an exchange of the 2023 Notes for the stock and reflected a price per share (based on the principal amount of debt retired) of approximately $5.55 per share.  Following the exchange, $54.3 million in aggregate principal amount of the 2023 Notes will remain outstanding.

The Company also announced that it provided the trustee of the 2023 Notes with notice of its intention to redeem all remaining 2023 Notes on September 15, 2010.  The Company reaffirms its previously announced dividend of $0.50 per share to be paid on October 1, 2010 to all stockholders of record on September 15, 2010.  

About PDL BioPharma

PDL pioneered the humanization of monoclonal antibodies and
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SOURCE PDL BioPharma, Inc.
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