PAHC Phibro Animal S

 

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 
 
 ACQBLMJTMMITBFL 
 

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