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

By Marisa Wong

Madison, Wis., Dec. 4 – PDL BioPharma, Inc. adjusted 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, according to a press release.

Effective Dec. 3, the rate for the 3.75% notes increased to 171.1768 shares from 167.9812 shares of common stock per $1,000 principal amount. The new conversion rate is equivalent to a conversion price of $5.84 per share, down from $5.95 per share previously.

Also effective on Dec. 3, the conversion rate for the 2.875% convertibles increased to 195.248 shares from 191.671 shares of common stock per $1,000 principal amount. That corresponds to a new conversion price of $5.12 per share, down from $5.22 per share.

The changes were made in connection with the regular quarterly dividend of $0.15 to be paid on Dec. 12 to stockholders of record as of Dec. 5.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $7.94 on Wednesday.

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