Angiotech extends floating-rate notes exchange offer, increases cap

By Angela McDaniels

Tacoma, Wash., July 27 - Angiotech Pharmaceuticals, Inc. increased the maximum amount of notes it will accept in the exchange offer for its senior floating-rate notes due 2013 to $225 million from $200 million, according to a company news release.

The company also extended the expiration time to 11:59 p.m. ET on Aug. 9 from 11:59 p.m. ET on July 31.

The offer began on July 31. As previously reported, the company is offering new 9% senior notes due 2016 to be issued by Angiotech Pharmaceuticals (U.S.), Inc. in exchange for the floating-rate notes.

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 23, the early tender date.

The early tender date was originally 11:59 p.m. ET on July 17. The company changed the date on July 9.

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 $225 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 $225 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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