Phibro Animal Health to repay bank debt with bond proceeds

By Sara Rosenberg

New York, July 13 - Phibro Animal Health Corp. plans on repaying debt under its existing domestic senior credit facility using some proceeds from a proposed $240 million senior notes offering, according to a company news release.

Remaining proceeds from the bond deal, along with cash on hand, will be used to refinance the company's 13% senior secured notes due 2007, its 9 7/8% senior subordinated notes due 2008 and its 15% senior secured notes due 2010.

Phibro is a Fort Lee, N.J., manufacturer of animal health products.

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