Angiotech begins exchange offer for up to $200 million of floaters

By Angela McDaniels

Tacoma, Wash., July 3 - Angiotech Pharmaceuticals, Inc. began an offer to exchange up to $200 million principal amount its senior floating-rate notes due 2013 for new 9% senior notes due 2016 to be issued by Angiotech Pharmaceuticals (U.S.), Inc., according to a company news release.

Angiotech is also soliciting consents to proposed amendments to the indenture governing the existing notes that, among other modifications, would provide that the new notes and existing notes would vote together as a single class on some matters.

Consents are needed from the holders of a majority of the outstanding notes in order to make the amendments. Holders who tender their existing notes will be deemed to consent to the proposed amendments, and holders who consent will be required to tender their existing notes.

The company will issue $1,020 principal amount of new notes for each $1,000 principal amount of old notes accepted for exchange. This includes a 2% early tender premium for notes tendered with consents by 11:59 p.m. ET on July 17, the early tender time.

The offer will expire at 11:59 p.m. ET on July 31.

The consummation of the offer is conditioned on the receipt of tenders for at least $190 million of the existing notes prior to the early tender time.

If holders tender more than $200 million principal amount of existing notes, Angiotech plans to accept the notes on a pro rata basis, based on principal amount tendered and regardless of when the notes were tendered, up to $200 million in principal amount.

The new notes are being offered under an exemption from the registration requirements of the Securities Act of 1933. The company said it has not filed and will not file a registration statement under the Securities Act for the offer of new notes.

The information agent is D.F. King & Co., Inc. (800) 755-7250.

Angiotech makes medical devices and is based in Vancouver, B.C.

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