Angiotech tenders for $165 million of floaters, 7¾% notes

By Susanna Moon

Chicago, July 7 - Angiotech Pharmaceuticals, Inc. said it began a cash tender offer for $165 million of its senior floating-rate notes due 2013 and 7¾% senior subordinated notes due 2014.

Angiotech said it would accept all floating-rate notes before accepting any 7¾% notes. There is $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 tender offer will expire at midnight ET on Aug. 22. The early tender deadline is 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 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.

The settlement date is expected to be Aug. 26.

The tender offer is conditioned upon shareholder approval and the closing of the investment in Angiotech Pharmaceutical Interventions, a newly formed subsidiary of Angiotech, by Ares Management LLP and New Leaf Venture Partners.

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

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