PDL BioPharma (PDLI) Corrects Convertible Notes Coversion Rate for Upcoming Dividend

PDL BioPharma, Inc. (Nasdaq: PDLI) corrected its earlier-announced adjusted conversion rate for its:

• 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes), to 155.396 shares of common stock per $1,000 principal amount, reflecting a conversion price of approximately $6.44 per share, effective December 9, 2011; and
  
  
• 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes), to 135.9607 shares of common stock per $1,000 principal amount, reflecting a conversion price of approximately $7.36 per share, effective December 6, 2011.

The conversion rates for the two Notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 15, 2011, to all stockholders who owned shares of PDL on December 8, 2011, the record date.

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