WASHINGTON (dpa-AFX) - PDL BioPharma Inc. (PDLI) corrected its earlier-announced adjusted conversion rate for its 2.875% Convertible Senior Notes due February 15, 2015, to 155.396 shares of common stock per $1,000 principal amount, reflecting a conversion price of about $6.44 per share, effective December 9, 2011; and 3.75% Convertible Senior Notes due May 1, 2015, to 135.9607 common shares per $1,000 principal amount, reflecting a conversion price of around $7.36 per share, effective December 6, 2011.
The conversion rates for the two notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 15, 2011, to all stockholders who owned shares of PDL on December 8, 2011, the record date. The conversion rate for the February 2015 notes was earlier 151.713 shares per $1,000 principal amount of the February 2015 notes. The conversion rate for the May 2015 notes was previously 132.6682 shares per $1,000 principal amount of the May 2015 notes.
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