Angiotech gets new $32.5 million credit facility

By Sara Rosenberg

New York, March 2 - Angiotech Pharmaceuticals Inc. closed on a new $32.5 million credit facility, according to a news release.

Wells Fargo Foothill acted as the arranger, administrative agent and lender for the facility.

The facility consists of a $10 million delayed-draw term loan and a $22.5 million revolver.

Pricing on the facility can range from Libor plus 325 basis points to 375 bps, with a 2.25% Libor floor.

Covenants include adjusted EBITDA and interest coverage ratios.

Proceeds will be used to provide additional liquidity and capital resources for working capital and general corporate purposes.

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

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