Angiotech announces return of capital to common shareholders
VANCOUVER, May 31, 2013 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech") announced today that a return of capital will be provided to all holders of record, as at May 31, 2013, of its common shares, and to employees holding restricted share units, in the amount of $6 in cash per common share, or per restricted share unit.
The amount to be distributed reflects a substantial portion of the remaining net proceeds received to date per Angiotech's recently completed sale, as announced on April 15, 2013, of its Interventional Products business to Argon Medical Devices, Inc., after the redemption of $60,024,000 in aggregate principal amount of Angiotech's Senior Secured Floating Rate Notes due 2013, the redemption of $229,413,000 in aggregate principal amount of Angiotech's 9% Senior Notes Due 2016, and the payment of certain transaction fees and expenses.
Amounts to be distributed will be provided in the form of a physical check, and will be mailed on June 6, 2013 to shareholders of record as of May 31, 2013 with a payment date of June 10, 2013.
Upon conclusion of the return of capital to shareholders, Angiotech expects to have approximately $10 million in cash, restricted cash and short term investments as at May 31, 2013, and no outstanding long-term debt.
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 Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" within the meaning of applicable securities laws. All such statements are made pursuant to the "safe harbor" provisions of applicable securities legislation. 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, 2012 filed with the SEC on March 28, 2013 on Form 10K.
Given these uncertainties, assumptions and risk factors, investors 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.
©2013 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Angiotech develops, manufactures and markets medical device products and technologies, primarily within the areas of wound closure and ophthalmology. Our strategy is to utilize our precision manufacturing capabilities and our highly targeted sales and marketing capabilities to offer novel or differentiated medical device products to patients, physicians and other medical device manufacturers or distributors.
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