PDL BioPharma raises conversion rates on 2.875%, 3.75% convertibles

By Tali David

Minneapolis, June 5 - PDL BioPharma, Inc. said it increased the conversion rates for its 2.875% convertible senior notes due Feb. 15, 2015, 2.875% series 2012 convertible senior notes due Feb. 15, 2015 and 3.75% convertible senior notes due May 1, 2015.

The changes were made in connection with the regular $0.15 quarterly dividend to be paid on June 14, the company said in a news release.

The conversion rate for the 2.875% notes and the 2.875% series 2012 notes increases to 162.885 from 159.098 shares of common stock per $1,000 principal amount, or $6.14 per share. The rate change on the 2.875% notes is effective on June 8. The change to the 2.875% series 2012 notes is effective on June 5.

Also effective on June 5, the rate for the 3.75% notes increases to 142.5217 from 139.2165 shares of common stock per $1,000 principal amount, or $7.02 per share.

PDL is an Incline Village, Nev., biopharmaceutical company. Its shares (Nasdaq: PDLI) closed at $6.21 on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.