Angiotech Pharmaceutical's $350 million term loan broke at 100 5/8 last week. Credit Suisse and Merrill Lynch lead the deal, which is being used to partly fund Angiotech's acquisition of American Medical Instruments Holdings, a maker of medical devices. The company closed the acquisition last week.
The financing also consists of a $75 million revolver. Moody's Investors Service rated the loans Ba3 and Standard & Poor's assigned them a BB- rating. Tom Bailey, cfo at Angiotech, did not return calls.