PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) announced today that it has completed the retirement of $61.7 million in aggregate principal amount of the Company's outstanding 2.75% Convertible Subordinated Notes, due August 16, 2023 (the "2023 Notes") for consideration consisting of the issuance of 11.1 million shares of the Company's common stock. The transaction was structured as an exchange of the 2023 Notes for stock and reflected a price per share of approximately $5.55 per share. Following the exchange, $54.3 million in aggregate principal amount of the 2023 Notes remains outstanding.
The Company reaffirms its previously announced dividend of $0.50 per share to be paid on October 1, 2010 to all stockholders of record on September 15, 2010.