Phibro starts consent solicitation for 13% units

New York, Nov. 18 - Phibro Animal Health Corp. said it has begun a solicitation of consents from holders of its $105 million of units consisting of its 13% senior secured notes due 2007 and the 13% senior secured notes due 2007 of Philipp Brothers Netherlands III BV.

The Fort Lee, N.J., manufacturer of animal health products is seeking amendments and waivers to the note indenture to allow it to sell substantially all the facilities owned by Phibro Animal Health SA in Rixensart, Belgium, to reduce excess manufacturing capacity and to reduce operating expenses and also to permit the maximum amount of debt under the company's domestic senior credit facility to rise to $37.5 million from $15.0 million.

Phibro also wants to issue up to $22.5 million of new units to refinance part of the credit facility and to fund additional inventory and investments for the production of virginiamycin.

The solicitation runs through noon ET on Nov. 23.

There will be no payment for consents.

Jefferies & Co. Inc. is the information agent (973 912-2762).

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