PDL BioPharma reduces conversion price on 3.75% convertibles due 2015

By Tali Rackner

Norfolk, Va., March 4 – PDL BioPharma, Inc. adjusted the conversion rate for its 3.75% convertible senior notes due May 1, 2015, according to a filing with the Securities and Exchange Commission.

Effective March 3, the rate for the 3.75% notes increased to 174.8506 shares from 171.1768 shares of common stock per $1,000 principal amount. The new conversion rate is equivalent to a conversion price of $5.72 per share, down from $5.84 per share previously.

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

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares closed at $6.96 (Nasdaq: PDLI) on Wednesday.

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