PDL buys back $84 million 2.75% convertible notes in second quarter

By Susanna Moon

Chicago, July 1 - PDL BioPharma, Inc. said it repurchased $84 million of its $116 million of 2.75% convertible subordinated notes due August 2023 in the second quarter.

The company repurchased $50 million of the convertibles in 2009.

The notes are putable in August for cash. They are also putable in August 2013 and August 2018 for cash or stock at PDL's discretion.

PDL said it also bought back $22 million of its $228 million of 2% convertible senior notes due February 2012 in 2009.

PDL is an Incline Village, Nev., biopharmaceutical company.

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