PDL BioPharma increases conversion rates on 2012, 2023 convertibles

By Marisa Wong

Milwaukee, Dec. 2 - PDL BioPharma, Inc. said it has adjusted the conversion rate on its 2% convertible senior notes due 2012 and its 2.75% convertible subordinated notes due 2023 according to a news release.

Both adjustments are effective Dec. 2.

The conversion rate for the 2012 notes is 119.294 shares of common stock per $1,000 principal amount, or $8.38 per share, increased from 94.447 shares per $1,000.

The conversion rate for the 2023 notes is 164.7254 shares of common stock per $1,000 principal amount, or $6.07 per share, increased from 131.0339 shares per $1,000.

The adjustments are a result a company announcement that the price of PDL's previously announced $200 million special dividend has been set at $1.67 per share.

The dividend will be paid on Dec. 15 to all company stockholders on record as of Dec. 1.

PDL is an Incline Village, Nev., biopharmaceutical company.

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