Phibro Animal Health enters $550 million restated term A loan, revolver

By Wendy Van Sickle

Columbus, Ohio, April 22 – Phibro Animal Health Corp. entered into an amended and restated credit agreement for $300 million of term A loans and a $250 million revolver on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

BofA Securities Inc. and Rabobank are the joint lead arrangers and joint bookrunners with Bank of America, NA as administrative agent.

At closing, the company drew the full amount of the term A loan and $100 million of the revolver.

The credit facilities restate the company’s credit agreement dated June 29, 2017.

As before, borrowings bear interest at Libor plus an applicable rate based on the company’s first-lien net leverage ratio. The applicable rate for both the revolver and term A loan ranges from 150 basis points to 200 bps, the same as before the restatement.

The credit facility matures on April 22, 2026.

The credit facilities contain financial and other covenants, including a requirement to maintain specified leverage ratios.

Phibro is a Teaneck, N.J.-based animal health and mineral nutrition company.

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