By Paul A. Harris
St. Louis, Oct. 10 - Phibro Animal Health Corp. and Philipp Brothers Netherlands III BV priced $105 million of senior secured notes due Dec. 1, 2007 (B2/B-) Friday at par to yield 13%.
Price talk was for a yield of 13%.
Jefferies & Co. ran the books for the Rule 144A/Regulation S offering.
The securities were sold as units comprised of notes from both issuers. Phibro Animal Health Corp. sold $85 million and Philipp Brothers Netherlands III BV sold $20 million.
Proceeds will be used to purchase a portion of the existing 9 7/8% senior subordinated notes due 2008, repay existing credit facilities, and pay certain obligations to Pfizer, Inc.
The company is a Fort Lee, N.J. manufacturer/marketer of animal health products formerly known as Philipp Brothers Chemicals, Inc.
| Issuers: | Phibro Animal Health Corp. and Philipp Brothers Netherlands III BV
|
| Total amount issued: | $105 million
|
| Maturity: | Dec. 1, 2007
|
| Security description: | Units of senior secured notes
|
| Structure: | Phibro Animal Health Corp $85 million
|
| Philipp Brothers Netherlands III BV $20 million
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 13%
|
| Price: | Par
|
| Yield: | 13%
|
| Call features: | Callable June 1, 2005 onwards at 114, then Dec. 1, 2005 at 109, June 1, 2006 at 105, Dec. 1, 2006, and thereafter at 101
|
| Equity clawback: | Until June 1, 2005 for 35% at 113.0
|
| Settlement date: | Oct. 21, 2003 (T+6)
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Rule 144A Cusip: | 71742QAD8
|
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