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Phibro records tenders for 95% of 10% notes, all 13% notes thus far
By Jennifer Chiou
New York, July 9 - Phibro Animal Health Corp. announced the receipt of tenders from holders of over 95% of its 10% senior notes due 2013 and all of its 13% senior subordinated notes due 2014 as of 5 p.m. ET on July 8, the consent deadline.
The company previously said it received the needed consents from holders to approve the proposed amendments to the note indentures.
As previously reported, the company is soliciting consents to eliminate or modify substantially all of the restrictive covenants, some events of default and some other provisions contained in the indentures.
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 the consent payment deadline.
Holders will also receive accrued interest up to but excluding the payment date.
The offer will expire at 11:59 p.m. ET on July 22. It launched on June 24.
The offer is 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. The company also said it closed on the sale of $275 million of 9¼% senior notes due 2018.
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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