Convertibles Calendar: Ligand on tap

May 17

LIGAND PHARMACEUTICALS INC.:

• $650 million five-year convertible senior notes

• Price talk for coupon of 0.5% to 1% and initial conversion premium of 27.5% to 32.5%

• Barclays and Goldman Sachs & Co.

• Rule 144A

• Greenshoe of $100 million

• Non-callable

• Proceeds to cover the cost of the call spread, to repurchase about $50 million in a share buyback, to acquire or invest in complementary businesses and technologies and for general corporate purposes

• San Diego, Calif.-based biopharmaceutical company

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