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PDL BioPharma Inc. Announces Exchange Offer for Its 2.875% Convertible Senior Notes Due February 15, 2015
Date:11/15/2011

INCLINE VILLAGE, Nev., Nov. 15, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL, the Company) (NASDAQ: PDLI) today announced it has commenced an offer to exchange up to $180,000,000 in aggregate principal amount of outstanding 2.875% Convertible Senior Notes due 2015 (Old Notes), for a like principal amount of new 2.875% Series 2011 Convertible Senior Notes due 2015 (New Notes), and a cash payment. Holders that exchange their Old Notes will receive a like principal amount of New Notes plus an exchange fee of $2.50 per $1,000 principal amount of their Old Notes validly tendered and accepted for exchange.

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The terms of the New Notes will be substantially the same as the terms of the Old Notes, except that the New Notes will contain a "net share settlement feature" that will require PDL to settle the conversion value of the New Notes, determined over a 40-trading day measurement period after the conversion date, in cash and shares of PDL common stock, rather than exclusively in shares of PDL common stock as currently required by the Old Notes. Certain changes have been made to the settlement procedures and the anti-dilution provisions of the New Notes in order to accommodate the effects of this net share settlement feature and the conversion value measurement period. Also, clarifying language was added to the anti-dilution provisions in conformity with PDL's 3.75% Convertible Senior Notes due 2015, which also convert on a net share settlement basis. The New Notes also have restrictions on when they may be converted that did not apply to the conversion of the Old Notes. The offer is not contingent upon any minimum tender of Old Notes.

The exchange offer will expire at 5:00 p.m., New York City time, on December 13, 2011, unless extended o
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SOURCE PDL BioPharma, Inc.
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