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PDL BioPharma Announces December 15 Special Dividend Payment of $1.67 per Share
Date:12/2/2009

INCLINE VILLAGE, Nev., Dec. 2 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced that it has established the per share amount of the previously announced $200 million special dividend as $1.67 per share. The dividend will be paid on December 15, 2009 to all holders of the Company's stock as of the December 1, 2009 record date. NASDAQ had previously estimated the approximate per share amount of the dividend at $1.67 per share of common stock for purposes of the ex-dividend date on November 27, 2009.

Conversion Rate Adjustments for Convertible Notes

In connection with this special dividend payment PDL has adjusted the conversion rates of its 2.00% Convertible Senior Notes Due February 15, 2012 (the 2012 Notes) and its 2.75% Convertible Subordinated Notes Due August 16, 2023 (the 2023 Notes), effective December 2, 2009.

The conversion rate for the 2012 Notes, as adjusted, is 119.294 shares of common stock per $1,000 principal amount or $8.38 per share. The conversion rate for the 2012 Notes was previously 94.447 shares of common stock per $1,000 principal amount of the 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 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 2023 Notes, as adjusted, is 164.7254 shares of common stock per $1,000 principal amount or $6.07 per share. The conversion rate for the 2023 Notes was previously 131.0339 shares of common stock per $1,000 principal amount of the 2023 Notes. In connection with
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SOURCE PDL BioPharma, Inc.
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