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PDL BioPharma (PDLI_ Ajusts Conversion Rates on Convertible Notes Offering

March 4, 2013 7:30 AM EST Send to a Friend
PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for the:
  • 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 173.200 shares of common stock per $1,000 principal amount or approximately $5.77 per share, effective March 6, 2013;
  • 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 151.6248 shares of common stock per $1,000 principal amount or approximately $6.60 per share, effective March 1, 2013; and
  • 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (Series 2012 Notes) is 173.200 shares of common stock per $1,000 principal amount or approximately $5.77 per share, effective March 1, 2013.

The conversion rates for the notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on March 12, 2013, to all stockholders who own shares of PDL on March 5, 2013, the record date.

February 2015 Notes

The conversion rate for the February 2015 Notes was previously 169.525 shares of common stock per $1,000 principal amount of the February 2015 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 of March 1, 2013, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.

May 2015 Notes

The conversion rate for the May 2015 Notes was previously 148.3827 shares of common stock per $1,000 principal amount of the May 2015 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 ten consecutive trading days immediately preceding the ex-dividend date of March 1, 2013, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.

Series 2012 Notes

The conversion rate for the Series 2012 Notes was previously 169.525 shares of common stock per $1,000 principal amount of the Series 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 of March 1, 2013, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.




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