Phibro Animal Health Corporation Announces $550 Million Debt Refinancing
April 22, 2021 at 04:30 pm EDT
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Phibro Animal Health Corporation announced that on April 22, 2021, the Company entered into an amended and restated credit agreement. Under the amended and restated credit agreement, the lenders agreed to extend credit to the Company in the form of Term A loans in an aggregate principal amount of $300 million (“Term A Loans”) and a revolving credit facility in an aggregate principal amount of $250 million (“Revolver”). The amended and restated credit agreement: has an aggregate principal amount of $550 million, was used to refinance the Company’s June 29, 2017 Credit Agreement (“2017 Credit Agreement”), which consisted of an aggregate principal amount of $250 million Term A loans and a $250 million revolving credit facility, carries substantially the same terms and conditions as the 2017 Credit Agreement, includes a $300 million Term A Loan, which replaces the Company’s existing $250 million Term A loan, reflecting a $50 million upsizing of the previous Term A loan facility, includes a $250 million Revolver, which replaces the Company’s existing $250 million revolving credit facility, extends the maturity of the Company’s credit facilities from June 2022 to April 2026, carries an interest rate that is consistent with the Company’s current credit facilities, is representative of a widely syndicated group of lenders primarily consisting of the Company’s existing lenders, providing the Company with increased operational flexibility, and was jointly arranged by BofA Securities Inc. and Coöperatieve Rabobank U.A., with Bank of America, N.A. acting as Administrative Agent.
Phibro Animal Health Corporation is a diversified animal health and mineral nutrition company. It develops, manufactures and markets a range of products for food and companion animals, including poultry, swine, beef and dairy cattle, aquaculture and dogs. It markets approximately 770 product lines in over 80 countries to approximately 4,000 customers. The Company has three segments. Animal Health segment develops, manufactures and markets about 270 product lines, including antibacterials, anticoccidials and related products; nutritional specialty products; and vaccines. Mineral Nutrition segment manufactures and markets approximately 420 formulations and concentrations of trace minerals, such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. Performance Products segment manufactures and markets specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States.