PDL to issue shares, pay cash for $25.97 million 2.875% convertibles

By Tali Rackner

Norfolk, Va., Oct. 22 – PDL BioPharma, Inc. plans to exchange $25,974,000 principal amount of its outstanding 2.875% series 2012 convertible senior notes due 2015, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company will issue shares of its common stock and cash in exchange for the convertibles under the privately negotiated exchange agreement, which uses substantially the same calculation for a conversion as the indenture governing the convertibles.

The company expects the exchange to close on Nov. 24 following a 20-day averaging period and said there is no assurance it will complete the purchase of any of its notes.

PDL BioPharma is an Incline Village, Nev., biopharmaceutical company focused on intellectual property asset management.

© 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.