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:9/25/2017)... Sept. 25, 2017  EpiVax, Inc., a leader ... and immune-engineering today announced the launch of EpiVax ... of personalized therapeutic cancer vaccines. EpiVax has provided ... access to enabling technologies to the new precision ... lead EpiVax Oncology as Chief Executive Officer. Gad ...
(Date:9/19/2017)... , Sept. 19, 2017   ZirMed Inc ., a ... today announced that it has been ranked #1 by its ... Book™ Rankings 2017 User Survey. ZirMed was recognized as ... large hospitals and medical centers over 200 beds and holds ... healthcare technology user survey history. ...
(Date:9/12/2017)... reviews on the independent review site Consumer Affairs have ... hearing aids, ranking it higher than Miracle Ear ™, Beltone™, ... ... Aids ... that provides high performance, state-of-the-art, German-engineered hearing aids directly to consumers ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... ... in the greater Dallas, Miami, and Raleigh regions, is organizing an extended charity ... a rare and deadly chromosome abnormality. , After struggling since birth with several ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... While it’s ... poses a problem. Fortunately, an inventor from Austin, Texas, has identified a solution. , ... medication in darkness or restricted lighting. As such, it eliminates the need to turn ...
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a ... utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum CBD oil will revolutionize the ... a CBD form that can be easily incorporated into liquid products, while reducing costs ...
(Date:10/13/2017)... ... ... Apple Rehab Shelton Lakes , which specializes in the delivery of sub-acute ... of a disaster drill on October 3rd. , Apple Rehab participated with the Shelton ... well as the Connecticut Long Term Care Mutual Aid Plan (LTC-MAP). The LTC-MAP ...
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading network for professional women, ... towards gender equality at their inaugural Summit in New York City in June. The ... social audience of over 3 million. To watch the Mobilize Women video, click ...
Breaking Medicine News(10 mins):