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

By Ashley Montgomery

Kansas City, Kan., Sept. 5 - PDL BioPharma, Inc. said it updated the conversion rates for its 2.875% convertible senior notes due Feb. 15, 2015, 2.875% series 2012 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 Sept. 14, the company said in a news release.

The conversion rate for both series of 2.875% convertibles increased to 166.264 shares of common stock per $1,000 principal amount, or $6.01 per share, from 162.885. The rate change on the 2.875% convertibles is effective Sept. 10, and the change to the 2.875% series 2012 convertibles is effective Sept. 5.

The rate for the 3.75% convertibles increased to 145.4893 shares of common stock per $1,000 principal amount, or $6.87 per share, from 142.5217.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares closed at $7.36 (Nasdaq: PDLI) on Wednesday.

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