SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

21.SUBSEQUENT EVENTS

Completion of the Exchange Offer and Issuance of New Notes

On July 3, 2012, Angiotech launched an offer to exchange up to a maximum of $200 million in aggregate principal amount of the outstanding Existing Notes for New Notes issued by Angiotech Pharmaceuticals (US), Inc. pursuant to an Offering Memorandum and Consent Solicitation Statement. On July 27, 2012, as a result of significant demand for New Notes by holders of the Existing Notes, Angiotech elected to amend the Exchange Offer to increase the Maximum Principal Exchange Amount to $225 million.  On August 13, 2012, $225 million of the $255.5 million tendered Existing Notes were irrevocably extinguished and exchanged, on a pro rata basis, for approximately $230 million of New Notes.  All Existing Notes were tendered by the prescribed July 23, 2012 early tender date and, therefore, received the New Notes with a principal amount constituting a 2% premium to the principal amount of the Existing Notes so exchanged.  Management is currently assessing the accounting impact of the extinguishment, settlement and exchange of the Existing Notes.

Upon completion of the refinancing on August 13, 2012, certain transaction fees of $1.4 million were triggered and owing to certain of Angiotech’s financial advisors which participated in the completion of the Exchange Offer.

Revolving Credit Facility Amendment

On August 13, 2012, the Successor Company completed a third amendment to its Revolving Credit Facility to amend the covenants to allow for the completion of the Exchange Offer.