PDL BioPharma calls its outstanding 2% convertibles due 2012

By Melissa Kory

Cleveland, May 24 - PDL BioPharma calls its outstanding 2% convertibles due 2012

, Inc. announced that it will redeem all of its outstanding 2% convertible senior notes due Feb. 15, 2012.

The notes will be redeemed on June 30 at 100.29 plus accrued interest to the redemption date.

Bank of New York Mellon is the redemption agent.

Noteholders may elect to convert their notes at a conversion rate of 144.474 shares of common stock per $1,000 face amount of the notes, or $6.92 per share, on or before June 29.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $6.59 each on Monday.

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