New Issue: Angiotech $325 million seven-year notes yield Libor plus 375 bps

By Paul A. Harris

St. Louis, Nov. 30 - Angiotech Pharmaceuticals, Inc. priced a $375 million issue of seven-year senior floating-rate notes (Ba3/B+) at par to yield three-month Libor plus 375 basis points on Thursday, according to a market source.

The yield came 25 basis points beyond the wide end of the Libor plus 325 to 350 basis points price talk.

Credit Suisse and Banc of America Securities LLC were joint bookrunners for the Rule 144A and Regulation S offering. BMO Capital Markets was the co-manager.

Proceeds will be used to repay the company's senior secured term loan, following which Angiotech intends to terminate its existing revolver.

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

Issuer:	Angiotech Pharmaceuticals, Inc.
Amount:	$325 million
Maturity:	Dec. 1, 2013
Security description:	Senior floating-rate notes
Bookrunners:	Credit Suisse, Banc of America Securities LLC
Co-manager:	BMO Capital Markets
Coupon:	Three-month Libor plus 375 bps
Price:	Par
Yield:	Three-month Libor plus 375 bps
Call features:	Callable on June 1, 2008 at 104.0, Dec. 1, 2008 at 103.0, Dec. 1, 2009 at 102.0, Dec. 1, 2010 at 101.0, par on and after Dec. 1. 2011
Equity clawback:	Until June 1, 2008 for 35% at par plus coupon
Trade date:	Nov. 30
Settlement date:	Dec. 11
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Distribution:	Rule 144A/Regulation S
Price talk:	Libor plus 325 to 350 bps

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