PDL BioPharma retires remaining $54.3 million 2.75% convertibles

By Marisa Wong

Madison, Wis., Sept. 16 - PDL BioPharma, Inc. has completed the retirement of the remaining $54.3 million of its 2.75% convertible subordinated notes due Aug. 16, 2023, according to a news release.

The company retired the remaining convertibles in exchange for 8.9 million shares of common stock and $4.2 million in cash.

With the completion of this redemption, none of the convertibles remain outstanding.

The company previously issued a notice to redeem the convertibles at a redemption price of par plus accrued interest to, but excluding, the redemption date of Sept. 15.

Holders also had the option to convert their notes into common stock on or before Sept. 14.

Holders elected to convert $50.1 million of the notes into 8.9 million shares of common stock at the existing conversion price of $5.64 per share.

PDL is an Incline Village, Nev., biopharmaceutical company.

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