PDL BioPharma to Exchange Approximately 80% of Convertible Notes Due 2021 and 2024
"We believe that the exchange of these notes is an important first step in executing on the strategy announced earlier this week to monetize our assets and return value to our shareholders," said Dominique Monnet, president and CEO of PDL. "Reducing the aggregate
The 2021 Notes will be exchanged for an aggregate
In connection with the exchange transactions,
In connection with the partial unwinding of the capped call agreements, the Company has entered into an agreement with
The transactions are subject to customary closing conditions and are expected to close on or before
Throughout its history, PDL's mission has been to improve the lives of patients by aiding in the successful development of innovative therapeutics and healthcare technologies.
For more information please visit www.pdl.com.
This press release contains certain forward-looking statements within the meaning of the federal securities laws that involve material risks, assumptions and uncertainties. Many possible events or factors could affect our future results and performance, such that our actual results and performance may differ materially from those that may be described or implied in the forward-looking statements. As such, no forward-looking statement can be guaranteed. The factors that could cause actual results to differ from what is described herein, include any failure of the exchanges to close due to failure of conditions to closing, financial market conditions or otherwise. The Company is subject to additional risks and uncertainties described in the Company's annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis and expectations only as of the date of this press release. Except as required by law, the Company undertakes no obligation to publicly release the results of any revision or update of these forward-looking statements, whether as a result of new information, future events or otherwise.
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PDL BioPharma, Inc., Dominique Monnet, President & CEO, 775-832-8500, Dominique.Monnet@pdl.com; or LHA Investor Relations, Jody Cain, SVP, 310-691-7100, email@example.com