PDL BioPharma redeems all $133.5 million 2% convertibles for cash

By Toni Weeks

San Diego, July 5 - PDL BioPharma, Inc. announced in a press release that it redeemed all $133.5 million of its 2% convertible senior notes due Feb. 15, 2012 for cash.

The notes were redeemed for $133.9 million plus $1.0 million of interest. Following the transaction, no notes remain outstanding.

PDL announced the call on May 24, saying it would redeem the notes on June 30 at 100.29 plus accrued interest to the redemption date. Noteholders could have chosen to convert their notes at a conversion rate of 144.474 shares of common stock per $1,000 face amount of the notes, or $6.92 per share, on or before June 29.

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

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