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

By Tali David

Minneapolis, March 4 - 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 March 12, the company said in a news release.

The conversion rate for both series of 2.875% convertibles increases to 173 from 169.525 shares of common stock per $1,000 principal amount, or $5.77 per share. The rate change for the 2.875% convertibles is effective March 6. The change to the 2.875% series 2012 convertibles is effective March 1.

Also effective on March 1, the rate for the 3.75% convertibles increased to 151.6248 from 148.3827 shares of common stock per $1,000 principal amount, or $6.60 per share.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares closed at $6.94 (Nasdaq: PDLI) on Friday.

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