Angiotech loosens loan terms, may now buy back floating-rate notes

By Susanna Moon

Chicago, March 16 - Angiotech Pharmaceuticals, Inc. may now repurchase its senior floating-rate notes or sell intellectual property assets under an amended loan agreement with Wells Fargo Capital Finance, LLC as arranger and administrative agent.

The company amended its credit agreement Monday to provide more financial flexibility and to improve its overall liquidity, according to an 8-K filed on Friday with the Securities and Exchange Commission.

The new loan terms also

• Allow buyback of stock held by employees, officers or directors;

• Increase the amount of cash that can be held by the company's foreign subsidiaries;

• Reduce the restrictions surrounding eligibility of certain accounts receivable;

• Remove the lien over the company's short-term investments;

• Revise the definition of EBITDA to allow for historical and future restructuring and Companies' Creditors Arrangement Act costs; and

• Make reporting requirements less restrictive when advances under the credit agreement are below certain thresholds.

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.