Moody's rates Angiotech Pharmaceutical loan Ba3, notes B2

Moody's Investors Service said it assigned first-time ratings to the proposed $375 million senior secured credit facility and the proposed $250 million of senior subordinated notes of Angiotech Pharmaceutical, Inc.

The agency said it rated Angiotech's $75 million senior secured revolver due 2011 at Ba3 and $300 million senior secured term loan B due 2013 at Ba3 as well as the company's $250 million senior subordinated notes due 2014 at B2.

Moody's noted proceeds from the facility and subordinated notes, along with $260 million in available cash, will be used to finance the purchase of American Medical Instruments Holdings, Inc.

The company's other ratings include the corporate family rating at Ba3 and speculative-grade liquidity rating at SGL-2.

The outlook is stable.

The ratings reflect the substantial increase in outstanding debt to finance this acquisition, Moody's noted, adding that prior to this proposed acquisition, Angiotech had no outstanding debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.