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Angiotech to Establish Separate Operating and Royalty Businesses
Date:7/7/2008

ditional pay in kind convertible notes, or any

incentives to be issued to API employees under plans to be

established for API. The notes will bear interest at a weighted

average rate that will equate to 7.75% per annum, and will be payable

semiannually in kind in additional convertible notes. The notes are

convertible into API common stock at any time after September 30,

2009, or upon the occurrence of certain qualified transactions,

including an initial public offering of API that attains certain

valuation thresholds, a sale or disposition of API or a change in

control, sale or disposition of Angiotech while Angiotech retains a

majority interest in API.

- Tender Offers. Under the terms of the transaction, API will pay the

net proceeds from the sale of convertible notes to Angiotech. The net

proceeds will be used to consummate tender offers to repurchase

portions of Angiotech's Senior Floating Rate Notes due 2013 and its

7.75% Senior Subordinated Notes due 2014, each as tendered by holders

in response to tender offers that Angiotech expects to close

simultaneously with the transaction. As of June 30, 2008, Angiotech

had an outstanding principal balance of $575 million under the

Existing Notes.

- Remaining Angiotech Debt. Remaining debt at Angiotech upon closing

will be serviced primarily by cash flows generated from royalties

derived from the assets to be retained by Angiotech, including any

royalties received from BSC, Cook or Broncus. In addition,

Angiotech's remaining debt obligations will continue to be subject to

a guarantee by API.

- Board of Directors and Management. The Board of Directors of

Angiotech is expected to remain as comprised prior to the close of

the transaction. William Hunt
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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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