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 $8M Financing Arrangement
11. Inspiration Biopharmaceuticals Expands Leadership Team with Four New Hires
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... -- According to the 2016 report, a ... blood pressure monitoring system market growth. With aging, the ... respond to different pressure rates, leading to hypertension or ... cardiovascular disorders such as heart failure, stroke, coronary artery ... in prevalence each year. WHO estimates that 17 million ...
(Date:5/26/2016)... -- According to a new market report published ... Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - ... valued at US$ 5.89 Bn in 2014 and is anticipated ... 2023 to reach US$ 7.99 Bn in 2023. ... free drug delivery devices and the market is estimated based ...
(Date:5/25/2016)... May 25,2016 FDA 510(k) ... Cellvizio platform for urological and surgical applications ... inventor of Cellvizio®, the multidisciplinary confocal laser endomicroscopy ... in the US with the 12 th ... Administration (FDA). This new FDA clearance covers Confocal ...
Breaking Medicine Technology:
(Date:5/27/2016)... ... May 27, 2016 , ... Beleza Medspa has initiated ... regulations. This is the first time that Coolsculpting is being used for for ... six months to ensure they meet the prescribed body-fat standard, measured by the circumference-based ...
(Date:5/27/2016)... ... May 27, 2016 , ... Each ... studying complementary medicine. Allison Outerbridge is this year’s Life University winner ... 18 at the university’s Student Leadership Awards ceremony. , Outerbridge is approaching her ...
(Date:5/26/2016)... ... , ... There are many ways to cook a hot dog, but new ... prefer their dogs straight off the grill. Of the 90 percent of Americans who ... cook a hot dog, far outpacing other cooking methods such as steaming (12 percent), ...
(Date:5/26/2016)... ... May 26, 2016 , ... Intalere, the healthcare industry ... for its inaugural Member Conference at the Paris Hotel in Las Vegas, Nev., ... health of America’s healthcare providers. , The conference was highlighted by the announcement ...
(Date:5/26/2016)... ... May 26, 2016 , ... On Memorial Day, Hope For ... their lives in military battle for the country. The nonprofit Hope For Heroes ... more programs that empower independence for disabled military veterans, as well as police, firemen, ...
Breaking Medicine News(10 mins):