Angiotech to repay loans, buy back floaters and notes via asset sale

By Susanna Moon

Chicago, March 25 - Angiotech Pharmaceuticals, Inc. said it plans to repay all of its outstanding debt, including its senior floating-rate notes due December 2013 and the senior notes due December 2016.

Angiotech also expects to terminate its revolving credit facility with Wells Fargo Capital Finance, according to a company press release.

Proceeds for the repurchase will come from the sale of some of its subsidiaries, comprising Angiotech's interventional products business, to Argon Medical Devices, Inc., a portfolio company of RoundTable Healthcare Partners, for $362.5 million in cash.

The deal is expected to close by the end of April, subject to shareholder approval.

"This important transaction will enable Angiotech to retire all of its remaining debt obligations, and in addition will provide excess cash proceeds, which we plan to use to provide an immediate return to our shareholders and to invest in our remaining businesses," Thomas Bailey, president and chief executive officer of Angiotech, said in the release.

"This event represents a culmination of turnaround efforts we initiated upon concluding our 2011 restructuring, and is a direct result of the exceptional and improved business results our teams were able to achieve in 2012."

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

© 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.