Ligand Proposes $550 Million Convertible Senior Notes Offering Due 2031
Ligand Pharmaceuticals announced a proposed private placement of $550 million in convertible senior notes due 2031, subject to market conditions, and amended its credit agreement to permit the notes and set new minimum Consolidated EBITDA levels. The company plans to use up to $75 million of net proceeds to repurchase common stock from certain note purchasers, and the interest rate and conversion terms will be set at pricing.
Key points
- Proposed $550 million aggregate principal of convertible senior notes due September 15, 2031, offered privately to qualified institutional buyers; initial purchasers may buy up to an additional $82.5 million within a 13-day option period
- Up to $75 million of net proceeds may be used to repurchase common stock from certain note purchasers in privately negotiated transactions
- Fourth Amendment to the Credit Agreement sets minimum Consolidated EBITDA of $100 million for the four quarters ending June 30, 2026 through March 31, 2027, and $150 million for later periods
The filing
Written by AI on Nov 8, 2026, 12:59 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 June 22, 2026.
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