Phibro Animal Health eliminates quarterly fee, increases interest rate

By Angela McDaniels

Tacoma, Wash., Dec. 23 – Phibro Animal Health Corp. agreed to increase the interest rate it pays on its revolving credit facility in exchange for no longer having to pay a quarterly fee, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is now Libor plus a margin that ranges from 250 basis points to 300 bps. Prior to the change, the margin ranged from 250 bps to 275 bps.

Determination of the margin is based on the company’s first-lien net leverage ratio.

The amendment was made Friday.

Bank of America, NA is the administrative agent and a lender. Cooperatieve Rabobank UA, New York Branch is also a lender.

Phibro is a Teaneck, N.J.-based animal health and mineral nutrition company.

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