PDL BioPharma Announces Settlement and Final Results of its Exchange Offer
PDL BioPharma, Inc. (NASDAQ: PDLI) yesterday announced the settlement and final results of its offer to exchange up to $180,000,000 in aggregate principal amount of outstanding 2.875% Convertible Senior Notes due 2015, for a like principal amount of new 2.875% Series 2012 Convertible Senior Notes due 2015 , and a cash payment. The exchange offer expired on January 3, 2012, at 5:00 p.m., New York City time.
Based on the final count by The Bank of New York Mellon Trust Company, N.A., the tender and paying agent for the exchange offer, a total of $168,972,000 aggregate principal amount of Old Notes, representing approximately 93.9% of the outstanding principal amount of the Old Notes, were properly tendered for exchange and not withdrawn.
In accordance with the terms and conditions of the exchange offer, PDL has accepted for exchange $168,972,000 principal amount of Old Notes and, in exchange, issued a like principal amount of New Notes and aggregate note exchange payments of $844,860.
