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Published on 12/7/2011 in the Prospect News Convertibles Daily.

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

By Ashley Montgomery

Kansas City, Kan., Dec. 7 - PDL BioPharma, Inc. said it updated the conversion rates for its 2.875% 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 15, the company said in a news release.

The new conversion rate for the 2.875% notes is 155.354 shares of common stock per $1,000 principal amount, effective Dec. 9. The new rate for the 3.75% notes is 135.9849 shares of common stock per $1,000 principal amount, effective Dec. 6.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $6.18 on Tuesday.


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