PDL BioPharma adjusts conversion rates on 2.875%, 3.75% convertibles

By Tali David

Minneapolis, Dec. 5 - PDL BioPharma, Inc. said it updated the conversion rates for its 2.875% convertible senior notes due Feb. 15, 2015, 2.875% series 2012 convertible senior notes due Feb. 15, 2015 and 3.75% convertible senior notes due May 1, 2015.

The changes were made in connection with the regular $0.15 quarterly dividend to be paid on Dec. 14, the company said in a news release.

The conversion rate for the 2.875% senior convertibles and the 2.875% series 2012 convertibles increases to 169.525 from 162.885 shares of common stock per $1,000 principal amount, or $5.90 per share. The rate change on the 2.875% senior convertibles is effective Dec. 10. The change to the 2.875% series 2012 convertibles is effective Dec. 5.

Also effective on Dec. 5, the rate for the 3.75% notes increases to 148.3827 from 142.5217 shares of common stock per $1,000 principal amount, or $6.74 per share.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $7.64 on Wednesday.

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