Ligand announces $550M convertible notes offering, amends credit facility to lower EBITDA covenants

Filed June 22, 2026 · Period ending June 22, 2026 · ~1 min read

Key Changes

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  Ligand proposes $550M convertible senior notes due 2031 (plus $82.5M greenshoe) in private placement to qualified institutional buyers; terms including conversion price and interest rate not disclosed.

  Item 8.01 — Other Events verify on EDGAR →
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  Credit agreement amended to permit convertible offering and reduce minimum EBITDA covenant to $100M for four quarters ending June 2026 through March 2027, then $150M thereafter, suggesting near-term earnings pressure.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Proceeds will fund convertible note hedges (partially offset by warrant sales), up to $75M in concurrent share repurchases from note buyers at market price, and general corporate purposes including potential acquisitions.

  Exhibit 99.1 verify on EDGAR →