Ligand Pharma Proposes Private Offering Of $400 Mln Of Sr. Notes

(RTTNews) - Ligand Pharmaceuticals Incorporated (LGND) Monday said it intends to privately offer $400 million of senior notes due 2030.

Ligand plans to grant to the initial purchasers of the notes a 13-day option to purchase up to an additional $60 million of notes.

Ligand expects to use a portion of the net proceeds from the offering to pay the cost of the convertible note hedge transactions, which the company intends to enter into with the initial purchasers or their respective affiliates and/or other financial institutions. Additionally, Ligand expects to use up to $30 million from the proceeds to buy back its shares from certain purchasers of the notes. Remaining proceeds from the offering are expected to be used for general corporate purposes.