Ligand Pharmaceuticals Prices Offering Of $400 Mln Of Senior Notes

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) has announced the pricing of $400 million aggregate principal amount of 0.75% convertible senior notes due 2030 in a private placement.

The company also granted the initial purchasers of the notes an option to buy up to an additional $60 million of notes. The sale of the notes is expected to close on August 14.

The net proceeds from the offering will be around $386.9 million, or approximately $445.1 million, if the initial purchasers exercise their option to purchase additional notes in full.

Ligand intends to use around $39.9 million of the net proceeds from the offering to pay the cost of the convertible note hedge transactions.

In addition, the drug maker expects to use approximately $15 million of the net proceeds to repurchase 102,034 shares of its shares from certain purchasers of the notes in private transactions.

Further, the company aims to use the remaining net proceeds for general corporate purposes.