Navigation Links
PDL BioPharma Announces Conversion Rate Adjustments for its Convertible Notes
Date:6/6/2011

INCLINE VILLAGE, Nev., June 6, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced an adjustment to the conversion rate for:

  • The 2.00% Convertible Senior Notes due February 15, 2012 (the 2012 Notes), effective June 9, 2011;
  • The 2.875% Convertible Senior Notes due February 15, 2015 (the 2015 Notes), effective June 9, 2011; and
  • The 3.75% Convertible Senior Notes due May 1, 2015 (the May 2015 Notes), effective June 6, 2011,

in connection with the regular dividend to be paid on June 15, 2011, to all stockholders who own shares of PDL on June 8, 2011, the record date.

The conversion rate for the 2012 Notes and the 2015 Notes, as adjusted, is 147.887 shares of common stock per $1,000 principal amount or $6.76 per share. The conversion rate for the 2012 Notes and the 2015 Notes was previously 144.474 shares of common stock per $1,000 principal amount of the 2012 Notes and the 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 June 6, 2011, for the cash dividend, and the denominator of which is the difference of such average closing price less the dividend amount.

The conversion rate for the May 2015 Notes, as adjusted, is 129.2740 shares of common stock per $1,000 principal amount or $7.74 per share. The conversion rate for the May 2015 Notes was previously 126.2985 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 ten consecutive trading days immediately preceding the ex-dividend date of June 6, 2011, for the cash dividend, and the denominator of which is the difference of such average closing price less the 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. PDL is focused on maximizing the value of its antibody humanization patents and related assets. The Company receives royalties on sales of a number of humanized antibody products marketed today and also may receive royalty payments on additional humanized antibody products launched before patent expiry in late 2014. 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 are forward-looking statements under the Private Securities Litigation Reform Act of 1995 and actual results could vary materially from the statements made. PDL's ability to pay the dividend described above is subject to various risks, many of which are outside its control, including prevailing conditions in the capital markets, the continued strength of its royalty assets and other risks and uncertainties as detailed from time to time in the reports filed by PDL with the Securities and Exchange Commission.


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. PDL BioPharma, Inc. Prices Offering of $135.0 Million of Convertible Senior Notes Due 2015
2. Vista Partners Initiates Coverage on Helix BioPharma Corporation; Target Price $6.20
3. Plato BioPharma Presenting Poster at the American Thoracic Society Conference
4. Keryx Biopharmaceuticals, Inc. Prices Common Stock Offering
5. PDL BioPharma to Present at Upcoming Conferences
6. Savient Pharmaceuticals Names Seasoned Pharma Exec Richard Crowley EVP Biopharmaceutical Operations
7. New Biopharmaceutical Company to Accelerate Delivery of Vaccines and Protein Therapeutics
8. PDL BioPharma to Announce First Quarter 2011 Financial Results on April 27, 2011
9. Keryx Biopharmaceuticals Announces Commencement of Phase 3 Program of Ferric Citrate (Zerenex™) in Japan by Partner, Japan Tobacco and Torii Pharmaceutical
10. PDL BioPharma to Hold Annual Meeting of Stockholders on June 22, 2011
11. Plato BioPharma, Inc. Sponsors Novel Disease Model Award
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/6/2016)...  BTL Aesthetics today announced the release of ... ME device was effectively redesigned for more efficient, ... tissue. The result: Significantly better outcomes in abdominal ... ME versus BTL Vanquish. "We are ... patients with the most highly-advanced devices on the ...
(Date:12/6/2016)... 6, 2016  Arcturus Therapeutics, Inc. ("Arcturus" or ... today that it entered into collaboration with Takeda ... the treatment of NASH and other gastrointestinal (GI) ... LUNAR™ and UNA Oligomer chemistry. The financial terms ... commitment to and expertise in GI disorders, we ...
(Date:12/6/2016)... 6, 2016 A new study released today ... 340B) projects the 340B Drug Pricing Program will continue to ... it is expected to exceed $23 billion in total purchases ... purchases surpass current Medicare Part B drug reimbursement purchases over ... – based on analysis of data on total drug purchases ...
Breaking Medicine Technology:
(Date:12/7/2016)... , ... December 07, 2016 , ... "Hacking into my ... had described him as 'a genius.'" Thus begins "Margaret in Berlin," Book Twelve in ... published by Wyston Books, Inc. These novels narrate the lives of a ...
(Date:12/6/2016)... ... December 06, 2016 , ... Men with gum ... risk of serious health problems, such as cardiovascular illness, according to research cited ... Beverly Hills Periodontics & Dental Implant Center notes that the correlation between periodontal ...
(Date:12/6/2016)... ... ... An inventor, from Talladega, Ala., thought there needed to be a more ... , The SLING-VEST provides an effective way to support and align the arm or ... result, it helps to reduce discomfort and shifting. The invention features an effective design ...
(Date:12/6/2016)... ... ... Mount Sinai Health System today announced the creation of the Medical Modeling ... order 3D models for their cases. Virtual reality, simulation, and 3D printing services ... resource will be the first of its kind catering to the unique patient-specific modeling ...
(Date:12/6/2016)... Scottsdale, Arizona (PRWEB) , ... December 06, 2016 , ... ... less than fIve days after launch. Almost 200 backers pledged more than $25,000 ... life-changing technology. , Dr. Amy Serin, an Arizona Neuropsychologist and inventor, ...
Breaking Medicine News(10 mins):