VANCOUVER, March 16 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (the “Company”) today announced that it has priced the offering of US $250 million in aggregate principal amount of 7.75% senior subordinated notes due 2014. The offering is being made in a private placement, and the closing of the offering is conditioned on the satisfaction of customary conditions, the concurrent closing of a new senior secured credit facility and the consummation of the acquisition of American Medical Instruments Holdings, Inc. (“AMI”). The notes will be guaranteed on a senior subordinated basis by certain of Angiotech’s direct and indirect subsidiaries.
The net proceeds of the offering will be used to finance in part the Company’s acquisition of AMI, repay the existing debt of AMI, and pay fees and expenses related to the acquisition and the issuance of the notes.
The notes will be offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold within the United States, or to, or for the account or benefit of, United States persons absent such registration, except pursuant to an exemption from, or in a transaction not subject to such registration requirement. The notes will also be offered and sold in certain provinces of Canada on a private placement basis only to those permitted to purchase notes in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Statements made in this press release, other than statements of historical information, are forward looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on certain assumptions, all of which Angiotech Pharmaceuticals, Inc. believes are reasonable. Such statements and assumptions include, but are not limited to, statements and assumptions regarding certain events such as the completion of the offering, the closing of the new senior secured credit facility, the completion of the AMI acquisition, the timing of the closing of this offering, and the use of proceeds from this offering. Such statements are based on current beliefs and expectations of Angiotech Pharmaceuticals, Inc. management and are subject to significant risks and uncertainties. Actual events may differ from those set forth in the forward-looking statements. All forward looking information in this press release speaks as of the date of this press release. Angiotech Pharmaceuticals, Inc. does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise.
COMPANY CONTACT: Tom Bailey Chief Financial Officer, Angiotech Pharmaceuticals, Inc. (604) 221-6983
Angiotech Pharmaceuticals, Inc.
CONTACT: Tom Bailey, Chief Financial Officer, Angiotech Pharmaceuticals,Inc., (604) 221-6983