PDL BioPharma Issues Redemption Notice for Its 2.00% Convertible Senior Notes Due February 15, 2012

PDL BioPharma, Inc. PDLI today announced that on June 30, 2011, it will redeem all of the Company's outstanding 2.00% Convertible Senior Notes due February 15, 2012 (the Notes).  Holders of the Notes have been provided notice of the redemption by The Bank of New York Mellon, the trustee for the Notes. In accordance with the terms of the Notes, the Notes will be redeemed at a redemption price of 100.29% of the outstanding principal amount of the Notes, together with accrued and unpaid interest up to, but excluding the redemption date of June 30, 2011. Note holders may elect to convert their Notes at a conversion rate of 144.474 shares of common stock per $1,000 face amount of the Notes, subject to change upon certain events, or $6.92 per share on or before June 29, 2011.