PDL BioPharma raises conversion rates on 2% and 2.75% convertibles

By Marisa Wong

Milwaukee, Sept. 18 - PDL BioPharma, Inc. announced adjustments to the conversion rates for its 2% convertible subordinated notes due Feb. 15, 2012 and its 2.75% convertible subordinated notes due Aug. 16, 2023, effective Sept. 18.

The conversion rate for the 2% notes is 94.447 shares of common stock per $1,000 principal amount, adjusted from 89.165 shares. The conversion rate for the 2.75% notes is 131.034 shares of common stock per $1,000 principal amount, adjusted from 123.715 shares.

The adjustments are due to a cash dividend payment of $0.50 per share of common stock on Sept. 17.

PDL BioPharma is an Incline Village, Nev., biotech research and development company specializing in the humanization of monoclonal antibodies.

© 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.