Angiotech again extends exchange offer for floating-rate notes

By Jennifer Chiou

New York, March 30 - Angiotech Pharmaceuticals, Inc. announced the further extension of its offer to exchange its senior floating-rate notes due 2013 for new senior floating-rate notes due 2013.

The offer will now end at 11:59 p.m. ET on April 22, prolonged from March 30.

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

As of the close on March 29, holders had tendered $190,637,000 of the notes for exchange.

The company previously said it delivered a supplement to the offering memorandum and consent solicitation statement to holders of the existing floating-rate notes in connection with an already 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 that 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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