Argon Pays $363M For Angiotech's Device Business

Law360, Los Angeles (March 25, 2013, 6:56 PM EDT) -- Angiotech Pharmaceuticals Inc. will sell its interventional products business to private equity-backed Argon Medical Devices Inc. for $362.5 million to pay off its debts and generate revenue, the medical device manufacturer said Monday.

Angiotech said that it will use the proceeds of the sale to repay its outstanding debt, including debt under its senior floating rate notes due December 2013 and senior notes due December 2016. The company also plans to end its revolving credit facility with Wells Fargo Capital Finance when the sale closes at...
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