PDL raises $260.9 million in notes deal

PDL BioPharma Inc. (NASDAQ: PDLI) raised $260.9 million through the sale of 4% senior convertible notes due 2018 in a private placement. The notes initially convert at $9.17, which is a 23% premium to PDL's close of $7.46 on Wednesday, before the company proposed to raise $250 million in the offering. RBC Capital Markets; Wells Fargo Securities; Cowen; and Janney Montgomery Scott are underwriters. Separately, PDL said it will issue 20.3 million shares and pay $34.2 million in cash to retire about $131.7 million in outstanding 2.875% senior convertible notes due 2015. PDL manages a portfolio of patents and royalty assets. ...