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PDL BioPharma Announces Conversion Rate Adjustment for Its 2.75% Convertible Subordinated Notes Due August 16, 2023
| Quelle: PDL BioPharma
INCLINE VILLAGE, NV--(Marketwire - March 19, 2009) - PDL BioPharma, Inc. (PDL) (NASDAQ : PDLI ) today announced an adjustment to the conversion rate for its 2.75%
Convertible Subordinated Notes due August 16, 2023 (the "Notes"). The
conversion rate, as adjusted, is 123.715 shares of common stock per $1,000
principal amount, effective March 17, 2009. The conversion rate for the
Notes was previously 114.153 shares of common stock per $1,000 principal
amount of the Notes.
On March 2, 2009, PDL announced a cash dividend of $0.50 per share of its
common stock, payable to stockholders of record on March 16, 2009. In
connection with the cash dividend, the conversion rate is increased by
multiplying the previous conversion rate by a fraction, the numerator of
which is the average closing price, as determined in accordance with the
indenture governing the Notes, of PDL's common stock for the ten
consecutive trading days immediately preceding March 16, 2009, the record
date for the cash dividend, and the denominator of which is the difference
of such average closing price less $0.50.
About PDL BioPharma
PDL BioPharma, Inc. pioneered the humanization of monoclonal antibodies
and, by doing so, enabled the discovery of a new generation of targeted
treatments for cancer and autoimmune diseases. This press release and
further information about PDL BioPharma, Inc. can be found at: www.pdl.com.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of
PDL BioPharma, Inc.