PDL BioPharma Announces Conversion Rate Adjustments for Convertible Notes

PDL BioPharma

today announced that the adjusted conversion rate for the: 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 169.525 shares of common stock per $1,000 principal amount or approximately $5.90 per share, effective December 10, 2012; 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 148.3827 shares of common stock per $1,000 principal amount or approximately $6.74 per share, effective December 5, 2012; and 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (Series 2012 Notes) is 169.525 shares of common stock per $1,000 principal amount or approximately $5.90 per share, effective December 5, 2012. The conversion rates for the notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 14, 2012, to all stockholders who own shares of PDL on December 7, 2012, the record date.