Navigation Links
PDL BioPharma Announces Conversion Rate Adjustments for Its Convertible Notes
Date:3/5/2012

INCLINE VILLAGE, Nev., March 5, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for its:

  • 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 159.098 shares of common stock per $1,000 principal amount or approximately $6.29 per share, effective March 8, 2012;
  • 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 139.2165 shares of common stock per $1,000 principal amount or approximately $7.18 per share, effective March 5, 2012; and
  • 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (Series 2012 Notes) is 159.098 shares of common stock per $1,000 principal amount or approximately $6.29 per share, effective March 5, 2012.

 

(Logo:  http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

The conversion rates for the notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on March 14, 2012, to all stockholders who own shares of PDL on March 7, 2012, the record date.

February 2015 Notes

The conversion rate for the February 2015 Notes was previously 155.396 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 March 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 135.9607 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 10 consecutive trading days immediately preceding the ex-dividend date of March 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 Notes was previously 155.396 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 March 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 royalty bearing 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©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Medtrack One View - A New More Powerful Biopharmaceutical Intelligence Tool Is Now Available
2. Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2011 Financial Results
3. Keryx Biopharmaceuticals, Inc. to Host Conference Call on Fourth Quarter and Year-End 2011 Financial Results
4. Innovative School of BioPharmacy to Open in Fall 2014
5. The Centers for Disease Control & Prevention Signs Vaccine Warehouse and Distribution Contract with Sentry BioPharma Services
6. PDL BioPharma to Announce Fourth Quarter and Full Year 2011 Financial Results on February 23, 2012
7. Top 200 Biopharmaceuticals Industry Report (Global)
8. Octapharma USA Appoints Global Biopharmaceutical Executive David E. Holliday as Vice President of Commercial Development
9. PDL BioPharma Announces Expiration and Preliminary Results of its Exchange Offer
10. Provenance Biopharmaceuticals Corp. Announces $8M Financing Arrangement
11. Inspiration Biopharmaceuticals Expands Leadership Team with Four New Hires
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/7/2017)... 2017   BioLife Solutions , Inc. (NASDAQ: ... clinical grade cell and tissue hypothermic storage and ... Rice , President and CEO, will be presenting at two ... & Renshaw 19 th Annual Global Investment Conference on ... Pacific time). The conference is being held at the New ...
(Date:9/6/2017)... , Sept. 6, 2017  Medical professionals ... and skills while treating their patients. Medical ... experience without involving patients. Simulation provides a ... can carry out procedures, refine techniques and ... Integration of new technology, such as augmented ...
(Date:9/6/2017)... NeuroRx, a clinical stage biopharma company developing the first oral ... granted Fast Track status by the US Food and Drug ... by NRX-101 (D-cycloserine + lurasidone). The company will shortly begin ... targeting patients who are admitted to Emergency Departments with ASIB ... ...
Breaking Medicine Technology:
(Date:9/21/2017)... ... September 21, 2017 , ... The American ... Health Services for professionals in the addiction treatment industry entitled: Special Investigations ... , Insurance companies and state and federal governments are increasingly scrutinizing the addiction ...
(Date:9/21/2017)... ... September 21, 2017 , ... ... communities, nine governmental public health departments have been awarded five-year accreditation status through ... that the benefits of being served by a PHAB-accredited health department now ...
(Date:9/21/2017)... ... September 21, 2017 , ... Innovatum will demonstrate capabilities of ... Healthcare Conference 2017 in Chicago, IL on October 17-19, 2017. This unique development ... improving patient safety. , Microscan , a global technology leader in ...
(Date:9/21/2017)... ... September 21, 2017 , ... Japanese Zen artist couple, Fumie and Kentaro Mune, ... and 8th October at Miranda Kuo Gallery on Lower East Side, NYC. This exhibition ... Kodo mat. Wanderlust , one of the largest US yoga online media outlets ...
(Date:9/21/2017)... ... September 21, 2017 , ... Sagora Senior Living, ... Isle at Kingwood Assisted Living and Memory Care located at 24025 Kingwood Place ... 55 assisted living apartments, 43 memory care apartments and 23 extended care apartments. ...
Breaking Medicine News(10 mins):