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PDL BioPharma launches $150M convertible debt offering

Published 11/16/2016, 07:01 AM
PDL BioPharma launches $150M convertible debt offering
PDLI
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  • PDL BioPharma (NASDAQ:PDLI) initiates an offering of $150M aggregate principal amount of convertible senior notes due December 1, 2021. Underwriters over-allotment is an additional $22.5M of the notes.
  • The interest rate, initial conversion rate, price and terms have yet to be announced.
  • Net proceeds will fund the cost of capped call transactions, the repurchase of a portion of outstanding 4.00% Senior Convertible Notes due 2018, the acquisition of income-generating assets and pharmaceutical products and general corporate purposes.

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