{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-276694","form_type":"8-K","ticker":"LGND","cik":"0000886163","company_name":"LIGAND PHARMACEUTICALS INC","filed_at":"2026-06-22T11:11:41+00:00","discovered_at":"2026-06-22T11:15:01.243030+00:00","generated_at":"2026-06-22T11:15:13.763306+00:00","sec_items":["1.01","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Ligand proposes $550M convertible notes due 2031; amends credit facility covenants","bullets":["Proposes $550M aggregate principal of convertible senior notes due 2031; additional $82.5M option granted to initial purchasers.","Net proceeds to fund convertible note hedge costs, up to $75M share repurchase, and general corporate purposes including Xoma acquisition.","Enters convertible note hedge and warrant transactions to reduce potential dilution from note conversion.","Fourth Amendment to credit agreement sets minimum EBITDA at $100M for periods ending June 30, 2026 through March 31, 2027, then $150M."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-276694","json":"https://secwatch.observer/filing/0001193125-26-276694.json","markdown":"https://secwatch.observer/filing/0001193125-26-276694.md","text":"https://secwatch.observer/filing/0001193125-26-276694.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/886163/000119312526276694/0001193125-26-276694-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/886163/000119312526276694/d41408d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-22T11:15:13.763306+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"9ef257bc36443a24bc4f6c6da0c2de97434cf975","claim":"LIGAND PHARMACEUTICALS INC amended Fourth Amendment with Citibank, N.A., as Administrative Agent (effective 2026-06-22).","evidence_excerpt":"on June 22, 2026, Ligand Pharmaceuticals Incorporated (the “Company”), as borrower, entered into a Consent and Fourth Amendment to Credit Agreement (the “Fourth Amendment”) with certain of the Company’s subsidiaries, as Guarantors (as defined therein), the Lenders (as defined therein) party thereto, and Citibank, N.A., as Administrative Agent (as defined therein)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/886163/000119312526276694/0001193125-26-276694-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Citibank, N.A., as Administrative Agent"},{"label":"Effective","value":"2026-06-22"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}