Angiotech cancels tender for $165 million of floaters, 7¾% notes

By Susanna Moon

Chicago, Sept. 23 - Angiotech Pharmaceuticals, Inc. said it terminated the tender offer for $165 million of its senior floating-rate notes due 2013 and 7¾% senior subordinated notes due 2014.

The company said none of the notes were purchased in the offer and all notes previously tendered will be promptly returned to holders.

Angiotech said on Sept. 22 that the conditions to the planned investment in its new Angiotech Pharmaceutical Interventions subsidiary can no longer be met.

The offer was set to expire at midnight ET on Sept. 29, pushed back from Sept. 12 and before that Aug. 22. It began on July 7.

The company previously said the tender deadline is dependent on the date of the Angiotech shareholders' meeting that will be called to approve the investment in Angiotech Pharmaceutical Interventions, a newly formed subsidiary of Angiotech, by Ares Management LLP and New Leaf Venture Partners.

Proceeds of the API Investment were needed to fund the tender offer, the company explained.

Goldman, Sachs & Co. (877 686-5059 or call collect 212 357-0775) was the dealer manager. Global Bondholder Services Corp. (866 387-1500 or call collect 212 430-3774) was the information agent.

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

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