☐
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Rule 13d-1(b)
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☒
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Rule 13d-1(c)
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☐
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Rule 13d-1(d)
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CUSIP NO.
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69329Y104
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13G
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1
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NAMES OF REPORTING PERSONS
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Silver Point Capital, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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-0-
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6
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SHARED VOTING POWER
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13,513,460
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7
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SOLE DISPOSITIVE POWER
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-0-
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8
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SHARED DISPOSITIVE POWER
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13,513,460
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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13,513,460
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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11.8%1
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12
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TYPE OF REPORTING PERSON*
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IA, PN
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Based on 114,226,566 shares of the Issuer's common stock outstanding, as disclosed on the Company’s Quarterly Report on Form
10-Q filed with the SEC on November 13, 2020.
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CUSIP NO.
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69329Y104
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13G
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1
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NAMES OF REPORTING PERSONS
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Edward A. Mulé
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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-0-
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6
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SHARED VOTING POWER
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13,513,460
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7
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SOLE DISPOSITIVE POWER
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-0-
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8
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SHARED DISPOSITIVE POWER
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13,513,460
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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13,513,460
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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☐
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||
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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11.8%1
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12
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TYPE OF REPORTING PERSON*
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IN
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CUSIP NO.
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69329Y104
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13G
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1
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NAMES OF REPORTING PERSONS
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Robert J. O'Shea
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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-0-
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6
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SHARED VOTING POWER
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13,513,460
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7
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SOLE DISPOSITIVE POWER
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-0-
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8
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SHARED DISPOSITIVE POWER
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13,513,460
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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13,513,460
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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☐
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||
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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11.8%1
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12
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TYPE OF REPORTING PERSON*
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IN
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Item 1 (a)
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Name of Issuer:
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The name of the issuer is PDL Biopharma, Inc. (the "Company"), a Delaware corporation.
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(b)
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Address of Issuer's Principal Executive Offices:
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The Company's principal executive office is located at 932 Southwood Boulevard, Incline Village, Nevada 89451.
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Item 2(a)
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Name of Person Filing:
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This Schedule 13G is being jointly filed by Silver
Point Capital, L.P., a Delaware limited partnership ("Silver Point"), Mr. Edward A. Mulé and Mr. Robert J. O'Shea with respect to the ownership of the common stock of the Company by Silver Point Capital Fund, L.P., Silver Point
Capital Offshore Master Fund, L.P., Silver Point Distressed Opportunities Fund, L.P., Silver Point Distressed Opportunities Offshore Master Fund, L.P., Silver Point Distressed Opportunity Institutional Partners, L.P. and Silver Point
Distressed Opportunity Institutional Partners Master Fund (Offshore), L.P.2 Silver Point, Mr. Mulé and Mr. O'Shea are collectively referred to herein as the "Reporting Persons."
The Reporting Persons have entered into a Joint Filing Agreement, dated December 15, 2020, a copy of which is filed with this Schedule 13G
as Exhibit A, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.
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(b)
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Address of Principal Business Office or, if none, Residence:
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The address of the principal business office of each of the Reporting Persons is Two Greenwich Plaza, Greenwich, CT 06830.
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(c) |
Citizenship:
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Silver Point Capital, L.P. is organized as a limited partnership under the laws of the State of Delaware. Both Mr. Mulé and Mr. O'Shea
are U.S. citizens.
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(d)
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Title of Class of Securities:
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Common Stock, par value $0.01 per share
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(e)
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CUSIP No.:
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69329Y104
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Item 3
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If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b), check whether the person filing is a:
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Not Applicable
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Item 4
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Ownership:
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||||||
A.
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Silver Point Capital, L.P.
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||||||
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(a)
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Amount beneficially owned: 13,513,460
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(b)
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Percent of class: 11.8%
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|||||
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(c)
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Number of shares as to which such person has:
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|||||
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(i)
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Sole power to vote or direct the vote: -0-
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|||||
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(ii)
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Shared power to vote or direct the vote: 13,513,460
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|||||
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(iii)
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Sole power to dispose or direct the disposition: -0-
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|||||
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||||||
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(iv)
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Shared power to dispose or direct the disposition: 13,513,460
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|||||
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|||||||
B.
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Edward A. Mulé
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||||||
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(a)
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Amount beneficially owned: 13,513,460
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(b)
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Percent of class: 11.8%
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(c)
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Number of shares as to which such person has:
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|||||
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(i)
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Sole power to vote or direct the vote: -0-
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|||||
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(ii)
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Shared power to vote or direct the vote: 13,513,460
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(iii)
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Sole power to dispose or direct the disposition: -0-
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(iv)
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Shared power to dispose or direct the disposition: 13,513,460
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C.
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Robert J. O'Shea
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(a)
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Amount beneficially owned: 13,513,460
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(b)
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Percent of class: 11.8%
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(c)
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Number of shares as to which such person has:
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|||||
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|||||||
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(i)
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Sole power to vote or direct the vote: -0-
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|||||
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||||||
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(ii)
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Shared power to vote or direct the vote: 13,513,460
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(iii)
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Sole power to dispose or direct the disposition: -0-
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(iv)
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Shared power to dispose or direct the disposition: 13,513,460
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Item 5
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Ownership of Five Percent or Less of a Class:
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If this statement is being filed to report the fact that as of the date hereof each of the Reporting Persons has ceased to be the
beneficial owner of more than five percent of the class of securities, check the following [ ].
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Item 6
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Ownership of More Than Five Percent on Behalf of Another Person:
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See response to Item 4.
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Item 7
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Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person:
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Not applicable.
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Item 8
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Identification and Classification of Members of the Group:
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Not applicable.
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Item 9
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Notice of Dissolution of Group:
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Not applicable.
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Item 10
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Certification:
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By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect,
other than activities solely in connection with a nomination under §240.14a-11.
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Silver Point Capital, L.P.
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Its:
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Authorized Signatory
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Edward A. Mulé
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Title:
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Attorney-in-fact
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Robert J. O'Shea
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Title:
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Attorney-in-fact
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Exhibit
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Description of Exhibit
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Exhibit A
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Joint Filing Agreement dated December 15, 2020.
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Exhibit B
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Power of Attorney of Edward A. Mulé (incorporated here by reference to Exhibit B to Schedule 13G filed by Silver Point Capital, L.P.,
Edward A. Mulé and Robert O'Shea with the Securities and Exchange Commission on February 16, 2016 relating to TopBuild Corp.).
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Exhibit C
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Power of Attorney of Robert O'Shea (incorporated here by reference to Exhibit C to Schedule 13G filed by Silver Point Capital, L.P.,
Edward A. Mulé and Robert O'Shea with the Securities and Exchange Commission on February 16, 2016 relating to TopBuild Corp.).
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Silver Point Capital, L.P.
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Its:
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Authorized Signatory
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Edward A. Mulé
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Title:
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Attorney-in-fact
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Robert J. O'Shea
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By:
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/s/ Steven Weiser
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Name:
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Steven Weiser
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Title:
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Attorney-in-fact
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