Angiotech noteholders agree to extend exchange offer launch deadlines

By Caroline Salls

Pittsburgh, Dec. 17 - Angiotech Pharmaceuticals, Inc. has reached a second extension agreement with the holders of a majority of its outstanding 7¾% senior subordinated notes to extend deadlines outlined in the company's recapitalization support agreement, according to a news release.

The company said 84% of the subordinated noteholders have now agreed to be bound by the support agreement under which consenting noteholders have agreed to exchange their notes for a share of up to 93.5% of Angiotech common stock.

As a condition to implementation of the exchange offer, noteholders comprising at least 98% of the outstanding total principal amount must consent to the offer.

Under the second extension agreement, the date by which Angiotech must launch the exchange offer or otherwise begin implementing the recapitalization has been extended to Jan. 11.

In addition, the date by which the minimum exchange offer threshold must be achieved has been extended to Feb. 9.

Angiotech said it has also entered into an agreement with a majority of the holders of its senior floating-rate notes due 2013 to extend to Jan. 11 the date by which the company must launch the exchange offer outlined in its floating-rate note support agreement.

As previously reported, the company will offer to exchange existing floating-rate notes for new floating-rate notes.

Angiotech is a Vancouver, B.C., specialty pharmaceutical and medical device company.

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