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PDL BioPharma nets $146mm through public notes offering

Executive Summary

PDL BioPharma Inc. (monoclonal antibody therapies for cancer and immune diseases) netted $146mm through the public sale of $150mm principal amount of its 2.75% senior notes due December 2021. The notes convert to common at 262.2951 shares per $1k principal amount purchased, or $3.81 per share. (PDL's stock averaged $3.31 at the time of the sale.) The company will use the majority of the proceeds to repurchase $120mm of its outstanding 4% senior convertible notes due 2018.
Deal Industry
  • Pharmaceuticals
  • Biotechnology
    • Large Molecule
      • Antibodies
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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