Ligand Announces Proposed $400 Million Convertible Senior Notes Offering Due 2030
Ligand Pharmaceuticals announced a proposed private placement of $400 million of convertible senior notes due 2030, with an option for initial purchasers to buy up to an additional $60.0 million. The company also amended its credit agreement with Citibank, N.A., to permit certain cash settlement payments on the notes. The offering is subject to market conditions, and the interest rate and conversion terms will be set at pricing.
Key points
- Proposed $400 million aggregate principal amount of convertible senior notes maturing October 1, 2030, offered to qualified institutional buyers under Rule 144A.
- Initial purchasers would have a 13-day option to buy up to an additional $60.0 million of notes.
- Up to $30 million of net proceeds may be used to repurchase common stock from certain note purchasers.
- Second Amendment to Credit Agreement dated August 11, 2025 permits certain cash settlement payments on the notes, subject to customary conditions.
The filing
Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 11, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.