PDL: Other Events

The following excerpt is from the company's SEC filing.

On December 20, 2013, PDL BioPharma, Inc. (the Company) delivered notice to holders of its 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (the Notes), that the Notes will be convertible during the quarter ending March 31, 2014.

The test for convertibility was met when the closing price of PDL’s common stock exceeded the conversion threshold price of approximately $7.12 (130% of the conversion price) for at least 20 days during the 30 consecutive trading days that will end on December 31, 2013. Accordingly, the Notes are convertible at the option of the holder during the quarter ending March 31, 2014.

The Notes are convertible at a rate of 182.598 shares of the Company’s common stock per $1,000 principal amount of the Notes, or approximately $5.48 per share. The terms of the Notes include a net share settlement feature, meaning that if a conversion occurs, the principal amount will be settled in cash and the excess will be settled in shares of the Company’s common stock.

PDL will perform the test for convertibility of the Notes during the second quarter of 2014 during the 30 consecutive trading days that will end on March 31, 2014.

On December 20, 2013, PDL BioPharma, Inc. (the Company) delivered notice to holders of its 3.75% May 2015 Convertible Senior Notes due May 1, 2015 (the Notes), that the Notes will be convertible during the quarter ending March 31, 2014.

The test for convertibility was met when the closing price of PDL’s common stock exceeded the conversion threshold price of approximately $8.13 (130% of the conversion price) for at least 20 days during the 30 consecutive trading days that will end on December 31, 2013. Accordingly, the Notes are convertible at the option of the holder during the quarter ending March 31, 2014.

The Notes are convertible at a rate of $159.9165 shares of the Company’s common stock per $1,000 principal amount of the Notes, or approximately $6.25 per share. The terms of the Notes include a net share settlement feature, meaning that if a conversion occurs, the principal amount will be settled in cash and the excess will be settled in shares of the Company’s common stock.

This filing, the press release and the Company’s statements herein and in the attached press release include and constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although we believe that the expectations reflected in the forward looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could impair the Company’s royalty assets or business and limit the Company’s ability to pay dividends, purchase income generating assets and take other corporate actions are disclosed in the “Risk Factors” contained in the Company’s 2012 Annual Report on Form 10K filed with the Securities and Exchange Commission on March 1, 2013, and updated in subsequent filings. All forward looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward looking statement except as required by law.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

Confidential treatment order - April 21, 2014
Other definitive proxy statements - April 17, 2014
Additional definitive proxy soliciting materials and Rule 14(a)(12) material - April 17, 2014

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