---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-23-000075"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2023-10-18T23:59:59+00:00"
generated_at: "2026-06-09T22:15:56.147095+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Ligand Pharmaceuticals enters $75M revolving credit facility with Citibank

## Summary
- $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.

## SEC filing metadata
- accession: 0000886163-23-000075
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2023-10-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616323000075/0000886163-23-000075-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616323000075/lgnd-20231012.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-23-000075
- JSON: https://secwatch.observer/filing/0000886163-23-000075.json
- Plain text: https://secwatch.observer/filing/0000886163-23-000075.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616323000075/0000886163-23-000075-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.