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PDL BioPharma, Inc. Prices Offering of $135.0 Million of Convertible Senior Notes Due 2015
Date:5/10/2011

INCLINE VILLAGE, Nev., May 10, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL, the Company) (NASDAQ: PDLI) today announced it has agreed to sell $135.0 million aggregate principal amount of its 3.75% Convertible Senior Notes due May 2015 (the "Notes") in an underwritten public offering. The conversion rate will initially be 126.2985 shares of common stock per $1,000 principal amount of the Notes or an initial conversion price of approximately $7.92 per share of common stock. The Company granted the underwriters an option to purchase up to an additional $20.25 million aggregate principal amount of the Notes solely to cover overallotments. BofA Merrill Lynch is acting as sole book-running manager for the offering. The Company expects that the offering will be completed, subject to customary closing conditions, on May 16, 2011.

In connection with the offering of the Notes, the Company has entered into privately negotiated convertible note hedge transactions with counterparties that include the underwriters (and/or their respective affiliates) (the "hedge counterparties"). The convertible note hedge transactions will cover, subject to customary anti-dilution adjustments, the number of shares of the Company's common stock that will initially underlie the Notes, and are intended to reduce the dilutive impact of the conversion feature of the Notes on the Company's outstanding shares of common stock. The Company has also entered into privately negotiated warrant transactions with the hedge counterparties relating to the same number of shares of the Company's common stock. The warrant transactions could have a dilutive effect to the extent that the market price per share of the Company's common stock exceeds the applicable strike price of the warrants on any expiration date of the warrants. In addition, if the underwriters exercise their option to purchase additional Notes, we expect t
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SOURCE PDL BioPharma, Inc.
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