Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
PDLI > SEC Filings for PDLI > Form 8-K on 27-Sep-2013All Recent SEC Filings

Show all filings for PDL BIOPHARMA, INC.



Other Events

Item 8.01 Other Events.

Convertibility of Series 2012 Notes

On September 26, 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 December 31, 2013.

The test for convertibility was met when the closing price of PDL's common stock exceeded the conversion threshold price of approximately $7.23 (130% of the conversion price) for at least 20 days during the 30 consecutive trading days that will end on September 30, 2013. Accordingly, the Notes are convertible at the option of the holder during the quarter ending December 31, 2013.

The Notes are convertible at a rate of 179.777 shares of the Company's common stock per $1,000 principal amount of the Notes, or approximately $5.56 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.

As of September 27, 2013, $180.0 million in aggregate principal amount of the Notes was outstanding.

PDL will perform the test for convertibility of the Notes during the first quarter of 2014 during the 30 consecutive trading days that will end on December 31, 2013.

Cautionary Statements

This filing and the Company's statements herein 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 repay its debt are disclosed in the "Risk Factors" contained in the Company's 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2013, as updated by 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.

  Add PDLI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for PDLI - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.