On March 23, 2006, Angiotech Pharmaceuticals, Inc. closed the acquisition of American Medical Instruments Holdings, Inc. (AMI) for approximately US$785 million (C$900 million), subject to post-closing adjustments. The transaction represents the largest acquisition by a Canadian company in the medtech sector. Angiotech is a specialty pharmaceutical company that discovers and develops treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury or trauma. AMI is a leading manufacturer of specialty, single-use medical devices. The acquisition was funded by way of a combination of cash on hand and the proceeds from the concurrent closings of a private placement of US$250 million in aggregate principal amount of 7.75 per cent senior subordinated notes due 2014, and a US$425 million senior secured credit facility consisting of a US$350 million term credit facility and a US$75 million revolving credit facility. Hugo Patenaude (tax) and Angela Onesi (banking) of Fasken Martineau advised Angiotech on Québec tax and banking law.