Angiotech Pharmaceuticals, Inc. announces new Senior Secured Term Loan and Credit Facilities
02 März 2009 - 2:30PM
PR Newswire (US)
VANCOUVER, March 2 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today
announced it has obtained a new Senior Secured Term Loan and
Revolving Credit Facility. Wells Fargo Foothill, LLC is the sole
arranger, administrative agent and lender for both the Term Loan
and Revolving Credit Facility. The financing includes a delayed
draw secured term loan facility of up to $10 million, and a secured
revolving credit facility with a borrowing base derived from the
value of certain of the Company's finished goods inventory and
accounts receivable, providing up to an additional $22.5 million in
available credit, subject to certain terms and conditions. Any
borrowings outstanding under the term loan and revolving credit
facility bear interest ranging from LIBOR + 3.25% to LIBOR +3.75%,
with a minimum Base LIBOR Rate of 2.25%. The term loan and the
revolving credit facility include certain covenants and
restrictions with respect to our operations, require us to maintain
certain levels of Adjusted EBITDA and interest coverage ratios,
among other terms and conditions, and are secured by the assets of
the Company and its Canadian and US subsidiaries. The purpose of
the financings is to provide additional liquidity and capital
resources for working capital and general corporate purposes. "We
believe this financing will provide enhanced liquidity in the near
term and provide us more flexibility and time for Angiotech to
explore other longer-term options for our overall capital structure
and working capital needs," said Dr. William Hunter, President and
CEO of Angiotech. "We would like to thank Wells Fargo Foothill for
their confidence in our business plan and providing us with capital
in a difficult capital markets environment." Forward Looking
Statements -------------------------- Statements contained in this
press release that are not based on historical fact, including
without limitation statements containing the words "believes,"
"may," "plans," "will," "estimates," "continues," "anticipates,"
"intends," "expects" and similar expressions, constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
laws. All such statements are made pursuant to the "safe harbor"
provisions of applicable securities legislation. Forward-looking
statements may involve, but are not limited to, comments with
respect to our objectives and priorities for 2009 and beyond, our
strategies or future actions, our targets, expectations for our
financial condition and the results of, or outlook for, our
operations, research, development, product and drug development.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
events or developments to be materially different from any future
results, events or developments expressed or implied by such
forward-looking statements. Many such risks, uncertainties and
other factors are taken into account as part of our assumptions
underlying these forward-looking statements and include, among
others, the following: general economic and business conditions,
both nationally and in the regions in which we operate; market
demand; technological changes that could impact our existing
products or our ability to develop and commercialize future
products; competition; existing governmental regulations and
changes in, or the failure to comply with, governmental
regulations; adverse results or unexpected delays in pre-clinical
and clinical product development processes; adverse findings
related to the safety and/or efficacy of our products or products
sold by our partners; decisions, and the timing of decisions, made
by health regulatory agencies regarding approval of our technology
and products; the requirement for substantial funding to conduct
research and development and to expand manufacturing and
commercialization activities or consummate acquisitions; and any
other factors that may affect performance. In addition, our
business is subject to certain operating risks that may cause the
actual results expressed or implied by the forward-looking
statements in this press release to differ materially from our
actual results. These operating risks include: our ability to
attract and retain qualified personnel; our ability to successfully
complete pre-clinical and clinical development of our products;
changes in business strategy or development plans; our failure to
obtain patent protection for discoveries; loss of patent protection
resulting from third party challenges to our patents;
commercialization limitations imposed by patents owned or
controlled by third parties; our ability to obtain rights to
technology from licensors; liability for patent claims and other
claims asserted against us; our ability to obtain and enforce
timely patent and other intellectual property protection for our
technology and products; the ability to enter into, and to
maintain, corporate alliances relating to the development and
commercialization of our technology and products; market acceptance
of our technology and products; our ability to successfully
manufacture, market and sell our products; the continued
availability of capital to finance our activities; and any other
factors referenced in our other filings with the Securities and
Exchange Commission ("SEC") and applicable Canadian regulatory
authorities. For a more thorough discussion of the risks associated
with our business, see the "Risk Factors" section in our annual
report for the year ended December 31, 2007 filed with the SEC on
Form 40-F and our quarterly report for the three months ended
September 30, 2008 filed with the SEC on Form 10-Q. Given these
uncertainties, assumptions and risk factors, readers are cautioned
not to place undue reliance on such forward-looking statements.
Except as required by law, we disclaim any obligation to update any
such factors or to publicly announce the result of any revisions to
any of the forward-looking statements contained in this press
release to reflect future results, events or developments. (C)2009
Angiotech Pharmaceuticals, Inc. All Rights Reserved. About
Angiotech Pharmaceuticals Angiotech Pharmaceuticals, Inc. is a
global specialty pharmaceutical and medical device company with
over 1,500 dedicated employees. Angiotech discovers, develops and
markets innovative treatment solutions for diseases or
complications associated with medical device implants, surgical
interventions and acute injury. To find out more about Angiotech
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), please visit our website at
http://www.angiotech.com/. DATASOURCE: Angiotech Pharmaceuticals,
Inc. CONTACT: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,
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