INCLINE VILLAGE, Nev., Nov. 2 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) today announced that it closed on its previously disclosed $300 million securitization transaction intended to monetize certain of its antibody humanization patents and royalties. Morgan Stanley & Co. Incorporated acted as sole initial purchaser for the securitization.
QHP issued $300 million in aggregate principal amount of its QHP PhaRMA(SM) Senior Secured Notes due 2015 (the “Notes”) in a non-registered offering pursuant to Rule 144A. The Notes bear an interest rate of 10.25%. The royalties and other payments, if any, that QHP will be entitled to receive under the agreements with Genentech, together with any funds made available from certain accounts of QHP, will be the sole source of payment of principal of, and interest and premium on, the Notes, which are secured by a continuing security interest granted by QHP in its rights to receive payments under such agreements and all of its other assets and a pledge by PDL of its equity ownership interest in QHP. The Notes may be redeemed at any time prior to maturity, in whole or in part, at the option of QHP at a make-whole redemption price.
About PDL BioPharma
NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.
The foregoing statements regarding PDL’s intentions with respect to the cash dividend payment described above are forward-looking statements under the Private Securities Litigation Reform Act of 1995, and actual results could vary materially from the statements made. PDL’s ability to complete the transactions and cash dividend payment described above successfully is subject to various risks, many of which are outside its control, including prevailing conditions in the capital markets and other risks and uncertainties as detailed from time to time in the reports filed by PDL with the Securities and Exchange Commission.
CONTACT: Cris Larson of PDL BioPharma, Inc., +1-775-832-8505,
Cris.Larson@pdl.com; or Danielle Bertrand of WeissComm Partners,
+1-415-946-1056, dbertrand@wcpglobal.com, for PDL BioPharma, Inc.
Web site: http://www.pdl.com/
