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Angiotech again prolongs tender deadline for $165 million of floaters, 7¾% notes
By Jennifer Chiou
New York, Sept. 12 - Angiotech Pharmaceuticals, Inc. said it once more extended the cash tender offer for $165 million of its senior floating-rate notes due 2013 and 7¾% senior subordinated notes due 2014.
The offer will now expire at midnight ET on Sept. 29, pushed back from Sept. 12 and before that Aug. 22. It began on July 7.
As already reported, Angiotech said the tender deadline is dependent on the date of the Angiotech shareholders' meeting that will be called to approve the investment in Angiotech Pharmaceutical Interventions, a newly formed subsidiary of Angiotech, by Ares Management LLP and New Leaf Venture Partners.
Proceeds of the API Investment are needed to fund the tender offer, the company explained.
Angiotech previously said it would accept all floating-rate notes before accepting any 7¾% notes. There are $325 million of outstanding floating-rate notes and $250 million of outstanding 7¾% notes.
The offer requires that the company buy at least $85.8 million of the first-priority notes.
The early tender deadline was previously scheduled for 5 p.m. ET on July 18.
For each $1,000 principal amount, the total payment will be $950 for the floating-rate notes and $800 for the 7¾% notes. The company said it would pay accrued interest.
The total payment for both series includes a premium of $40.00 per note for notes tendered by the early tender date.
Angiotech said it may buy an additional amount of notes not to exceed 2% of the principal amount of each series of notes outstanding without amending or extending the tender offer or may elect to increase the size of the tender offer beyond such a 2% increase.
Goldman, Sachs & Co. (877 686-5059 or call collect 212 357-0775) is the dealer manager. Global Bondholder Services Corp. (866 387-1500 or call collect 212 430-3774) is the information agent.
Angiotech is a Vancouver, B.C.-based specialty pharmaceutical and medical device company.
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