PDL BioPharma Prices Public Offering

PDL BioPharma (NASDAQ:PDLI) today announces that it will sell $150.0 million aggregate principal amount of its 2.75% Convertible Senior Notes due 2021 in an underwritten public offering.
According to the press release:

The conversion rate of the Notes will initially be 262.2951 shares of common stock per $1,000 principal amount of the Notes, equivalent to an initial conversion price of approximately $3.81 per share of common stock, subject to adjustment.  The net proceeds from the offering, after deducting the underwriters discount and other estimated offering expenses are expected to be approximately $145.8 million.

Read the full press release here.