---
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"
generated_at: "2026-06-22T11:15:13.763306+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Ligand proposes $550M convertible notes due 2031; amends credit facility covenants

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-276694
- JSON: https://secwatch.observer/filing/0001193125-26-276694.json
- Plain text: https://secwatch.observer/filing/0001193125-26-276694.txt

## Key facts
- Material Agreements
  LIGAND PHARMACEUTICALS INC amended Fourth Amendment with Citibank, N.A., as Administrative Agent (effective 2026-06-22).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Citibank, N.A., as Administrative Agent
  - Effective: 2026-06-22
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/886163/000119312526276694/0001193125-26-276694-index.htm

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