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

By Tali Rackner

Norfolk, Va., June 4 - PDL BioPharma, Inc. said it updated the conversion rates for its 3.75% convertible senior notes due May 1, 2015 and 2.875% series 2012 convertible senior notes due Feb. 15, 2015.

The changes were made in connection with the regular $0.15 quarterly dividend to be paid on June 12 to stockholders of record on June 5, the company said in a news release.

Effective on June 3, the rate for the 3.75% notes will increase to 165.4367 shares from 162.728 shares of common stock per $1,000 principal amount, or $6.04 per share.

Also effective on June 3, the conversion rate for the 2.875% convertibles will increase to 188.812 shares from 185.777 shares of common stock per $1,000 principal amount, or $5.30 per share.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $9.45 on Wednesday.

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