Angiotech extends floating-rate notes exchange offer to March 30

By Caroline Salls

Pittsburgh, March 4 - Angiotech Pharmaceuticals, Inc. has extended its offer to exchange its outstanding senior floating-rate notes due 2013 for new senior floating-rate notes due 2013 to 11:59 p.m. ET on March 30, according to a company news release.

The exchange offer was previously scheduled to expire on March 17.

Also, the company said it delivered a supplement to the offering memorandum and consent solicitation statement to holders of the existing floating-rate notes in connection with a previously announced sixth amendment to the floating-rate note support agreement.

Under the terms of the sixth amendment, the supplement provides that the new floating-rate notes will accrue interest at Libor plus 375 basis points with a 1.25% Libor floor and that covenants related to asset sales will be modified in the indenture governing the new notes.

As of the date of the sixth amendment, Angiotech said holders of roughly 89% of the principal amount outstanding of the existing floating-rate notes agreed to support the exchange offer and tender their existing notes.

Angiotech, a Vancouver, B.C., specialty pharmaceutical and medical device company, filed for bankruptcy on Jan. 30 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 15 case number is 11-10269.

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