Acquisition - ABIC Animal Health Buiness
29 Janeiro 2009 - 11:50AM
UK Regulatory
TIDMPAHC
RNS Number : 4714M
Phibro Animal Health Corporation
29 January 2009
For release: IMMEDIATE
PHIBRO ANIMAL HEALTH CORPORATION COMPLETES ACQUISITION OF ABIC ANIMAL HEALTH
RIDGEFIELD PARK, New Jersey, 29 January 2009 - Phibro Animal Health Corporation
("PAHC" or the "Company") today completed the acquisition of the Abic Animal
Health business ("Abic") from Teva Pharmaceutical Industries Ltd. ("Teva"),
which was initially announced on 16 October 2008.
Abic is a manufacturer and marketer of over 60 animal health products, including
vaccines, pharmaceuticals, antibiotics, parasiticides, disinfectants and
antiseptics for the Israeli and international markets.
The acquisition was financed through a combination of new and existing credit
facilities, including a $10 million term loan from BFI Co., LLC ("BFI") to the
Company.
The BFI term loan is payable in full at maturity on 1 August 2014 and bears
interest, payable monthly, at the rate of 12% per annum. In connection with such
loan, BFI has been issued a warrant to purchase 875,000 common shares of the
Company at a price of $5.23 per share. The warrant is exercisable at any time at
the holder's option until it expires on 1 August 2014. The BFI term loan is
subordinate to PAHC's domestic senior credit facility and 10% Senior Notes, and
ranks equal to PAHC's 13% Senior Subordinated Notes.
BFI owns 70% of the outstanding common shares of the Company and Mr. Jack C.
Bendheim, the Chairman and President of PAHC, is a managing member of BFI and
has sole authority to vote the common shares of PAHC owned by BFI. The term
loan, including the associated issuance of the warrant, is a related party
transaction under Rule 13 of the AIM Rules for Companies. The directors of PAHC
(without the participation of Mr. Jack C. Bendheim) consider, having consulted
with its nominated adviser, Panmure Gordon (UK) Limited, that the terms of the
BFI loan and warrant are fair and reasonable insofar as its shareholders are
concerned.
ABOUT THE COMPANY
PAHC is a diversified global manufacturer and marketer of a broad range of
animal health and nutrition products to the poultry, swine and cattle markets.
PAHC is also a manufacturer and marketer of performance products for the
ethanol, wood preservation and personal care industries. For more information,
please visit www.pahc.com.
For further information please contact:
+---------------------------------------------------------------+-----------------------------------+
| Phibro Animal Health Corporation | +1 201 329 7300 |
| Richard Johnson, Chief Financial Officer | |
| investor.relations@pahc.com | |
+---------------------------------------------------------------+-----------------------------------+
| | |
+---------------------------------------------------------------+-----------------------------------+
| Panmure Gordon (UK) Limited | +44 (0) 207 459 3600 |
| Andrew Godber | |
| Rakesh Sharma | |
| | |
+---------------------------------------------------------------+-----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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