secwatch.observer — SEC 8-K summary
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Issuer:     LIGAND PHARMACEUTICALS INC (LGND)
CIK:        0000886163
Form:       8-K
Filed at:   2023-10-18T23:59:59+00:00
Accession:  0000886163-23-000075
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ligand Pharmaceuticals enters $75M revolving credit facility with Citibank
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886163/000088616323000075/0000886163-23-000075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886163/000088616323000075/lgnd-20231012.htm
  HTML page:      https://secwatch.observer/filing/0000886163-23-000075

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