PDL BioPharma holders may convert 3.75%, 2.875% notes next quarter

By Susanna Moon

Chicago, Dec. 20 - PDL BioPharma, Inc. holders may convert two series of its convertible senior notes during the quarter ending March 31, according to an 8-K filing with the Securities and Exchange Commission.

The conversion option was triggered for the company's $155.3 million principal amount of outstanding 3.75% convertibles due May 1, 2015 and $180 million principal amount of outstanding 2.875% convertibles due Feb. 15, 2015.

The company's stock exceeded the conversion threshold price, 130% of the conversion price, for at least 20 out of the 30 consecutive trading days ending on Dec. 31.

The conversion threshold price is $7.12 for the 2.875% notes and $8.13 for the 3.75% notes.

The 2.875% notes are convertible at a rate of 182.598 shares per $1,000 principal amount of the notes, or $5.48 per share.

The 3.75% notes are convertible at a rate of 159.9165 shares per $1,000 principal amount, or $6.25 per share.

The company's stock closed at $8.24 (Nasdaq: PDLI) on Thursday.

PDL is an Incline Village, Nev., biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.