Phibro Animal Health gets needed consents to amend 10%, 13% notes

By Devika Patel

Knoxville, Tenn., July 7 - Phibro Animal Health Corp. said it received the needed consents from holders of its 10% senior notes due 2013 and 13% senior subordinated notes due 2014 as part of tender offers and consent solicitations for the notes. The offers launched June 24.

The consents received exceed the number needed to approve the proposed amendments and may no longer be withdrawn.

As previously reported, the company is soliciting consents to proposed amendments to eliminate or modify substantially all of the restrictive covenants, some events of default and some other provisions contained in the indentures governing the existing notes.

Consents were needed from holders of at least a majority of a series of notes in order to amend the indenture for that series.

For each $1,000 principal amount, the company will pay $1,053.75 for the 10% notes and $1,070.00 for the 13% notes. These payouts include a consent payment of $30.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on July 8, the consent payment deadline.

Holders will also receive accrued interest up to but excluding the payment date.

The company plans to settle notes tendered by the consent payment deadline as early as July 9.

Each offer and consent solicitation will expire at 11:59 p.m. ET on July 22.

The offers are conditioned on the receipt of the required consents to amend the indentures and enough proceeds from one or more debt financings to fund the offers.

Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 736-2200) is the information agent and depositary.

Ridgefield Park, N.J.-based Phibro makes animal health and nutrition products for the poultry, swine, cattle and aquaculture markets as well as performance products for use in the ethanol, personal care, automotive, chemical catalyst and electronics markets.

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