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PDL BioPharma lifts conversion rates for 3.75%, 2.875% convertibles
By Marisa Wong
Madison, Wis., March 4 - PDL BioPharma, Inc. announced adjustments to the conversion rates for its 3.75% convertible senior notes due May 1, 2015 and 2.875% series 2012 convertible senior notes due Feb. 15, 2015, effective as of Monday.
The adjusted rates are 162.7280 shares of common stock per $1,000 principal amount of 3.75% notes, or $6.15 per share, and 185.777 shares of common stock per $1,000 principal amount of 2.875% notes, or $5.38 per share.
The rates were increased from 159.9165 shares per $1,000 par amount of 3.75% convertibles and 182.598 shares per $1,000 par amount of 2.875% convertibles.
The adjustments were made in connection with a regular quarterly dividend of $0.15 to be paid on March 12 to stockholders of record on March 5.
PDL is an Incline Village, Nev., biopharmaceutical company.
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