PDL BioPharma Announces Settlement And Final Results Of Its Exchange Offer

 

INCLINE VILLAGE, Nev., Jan. 5, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced the settlement and final results of its offer to exchange up to $180,000,000 in aggregate principal amount of outstanding 2.875% Convertible Senior Notes due 2015 (Old Notes), for a like principal amount of new 2.875% Series 2012 Convertible Senior Notes due 2015 (New Notes), and a cash payment.  The exchange offer expired on January 3, 2012, at 5:00 p.m., New York City time.

(Logo:  http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

Based on the final count by The Bank of New York Mellon Trust Company, N.A., the tender and paying agent for the exchange offer, a total of $168,972,000 aggregate principal amount of Old Notes, representing approximately 93.9% of the outstanding principal amount of the Old Notes, were properly tendered for exchange and not withdrawn.

In accordance with the terms and conditions of the exchange offer, PDL has accepted for exchange $168,972,000 principal amount of Old Notes and, in exchange, issued a like principal amount of New Notes and aggregate note exchange payments of $844,860. 

PDL made the exchange offer in order to reduce the potential dilution to its stockholders that would result upon conversion of the Old Notes to the Company's common stock. As a result of the completed exchange, the Company has removed approximately 26.3 million shares of potential dilution. PDL's President and CEO, John McLaughlin, commented that "The transaction was an effective solution to protect our stockholders from the potential dilution associated with an inexpensive form of debt."

The information agent for the exchange offer is Georgeson Inc. Holders of Old Notes who have questions may call the information agent at [phone]. Banks and brokers may call [phone].

1 2 Next › Last »