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PDL BioPharma buys back $53.6 million of 4% convertibles due 2018
By Marisa Wong
Morgantown, W.Va., Nov. 24 – PDL BioPharma, Inc. repurchased $53.6 million of its 4% convertible senior notes due Feb. 1, 2018 for about $43 million in cash in open market transactions, according to an 8-K filing with the Securities and Exchange Commission.
The company expects these transactions to close on Nov. 25.
Following the buyback, $246.4 million of the convertible notes will remain outstanding.
The company said it expects to unwind a portion of purchased call option and warrants associated with the repurchase of the notes.
PDL is an Incline Village, Nev., biopharmaceutical company.
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