September 17, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — PDL BioPharma, Inc. (NASDAQ: PDLI) said that it has completed the retirement of the remaining $54.3 million in aggregate principal of the company's 2.75% convertible subordinated notes, due August 16, 2023 in exchange for 8.9 million shares of common stock and $4.2 million in cash.

PDL said that, with the completion of this redemption, no more of its 2023 notes remain outstanding.

In accordance with the terms of the 2023 notes, the company previously issued a redemption notice to redeem the 2023 notes at a redemption price of 100% of the outstanding principal amount, together with accrued and unpaid interest to, but excluding, the redemption date of September 15, 2010.

Note holders could elect to convert their 2023 Notes into the company's common stock on or before September 14, 2010. Accordingly, note holders elected to convert $50.1 million of 2023 notes into 8.9 shares of common stock at the existing conversion price equivalent to $5.64 per share.

With the retirement of the 2023 Notes, PDL has 139.7 million shares of common stock outstanding.

Nevada-based PDL is focused on maximizing the value of its antibody humanization patents and related assets. The company receives royalties on sales of a number of humanized antibody products marketed based on patents that expire in late 2014.

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