PDL BioPharma Inc. Announces Exchange Offer for Its 2.875% Convertible Senior Notes Due February 15, 2015

PDL BioPharma, Inc. (NASDAQ: PDLI) today announced it has commenced an offer to exchange up to $180,000,000 in aggregate principal amount of outstanding 2.875% Convertible Senior Notes due 2015 (Old Notes), for a like principal amount of new 2.875% Series 2011 Convertible Senior Notes due 2015 (New Notes), and a cash payment. Holders that exchange their Old Notes will receive a like principal amount of New Notes plus an exchange fee of $2.50 per $1,000 principal amount of their Old Notes validly tendered and accepted for exchange.