Ligand Pharmaceuticals enters $75M revolving credit facility with Citibank

LIGAND PHARMACEUTICALS INC

$75M revolving credit facility with Citibank as administrative agent; currently undrawn.
Matures October 12, 2026; subject to leverage ratio covenant (max 2.50:1; 3.00:1 after acquisitions) and minimum EBITDA of $45M.
Interest rates based on SOFR plus 1.75%-2.50% or base rate plus 0.75%-1.50%, depending on leverage.
Facility secured by certain collateral and guaranteed by material domestic subsidiaries.
Proceeds for working capital and general corporate purposes; no outstanding balance as of filing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LIGAND PHARMACEUTICALS INC entered into Credit Agreement with Citibank, N.A. as the Administrative Agent valued at $75 million (effective 2023-10-12).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A. as the Administrative Agent
Value: $75 million
Effective: 2023-10-12

Exact text from the filing

On October 12, 2023, Ligand Pharmaceuticals Incorporated (the “Company”), entered into a $75 million revolving credit facility with Citibank, N.A. as the Administrative Agent.

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LIGAND PHARMACEUTICALS INC filing history →

Source: SEC EDGAR

accession 0000886163-23-000075

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