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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>WASHINGTON,
DC 20549</B></FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>PURSUANT
TO SECTION 13 OR 15(D) OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
April 23, 2014 (April 16, 2014)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Phibro Animal Health Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(EXACT NAME
OF REGISTRANT AS SPECIFIED IN CHARTER)</FONT></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_________</B></P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>01-36410</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________</P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>13-1840497</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(State or other jurisdiction of incorporation)</B></FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Commission File Number)</B></FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(IRS Employer Identification No.)</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Glenpointe Centre East, 3rd Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>300 Frank W. Burr Boulevard, Suite 21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Teaneck, New Jersey 07666-6712</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Address
of Principal Executive Offices, including Zip Code)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(201) 329-7300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Registrant&rsquo;s
telephone number, including area code)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________________________________<U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Former
name or former address, if changed since last report)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if this
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>ITEM 1.01 ENTRY INTO
A MATERIAL DEFINITIVE AGREEMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">On April 16, 2014 (the &ldquo;Closing
Date&rdquo;), Phibro Animal Health Corporation (the &ldquo;Company&rdquo;), together with certain of its subsidiaries acting as
guarantors (the &ldquo;Guarantors&rdquo;), entered into a Credit Agreement (the &ldquo;Credit Agreement&rdquo;) with Bank of America,
N.A. (&ldquo;Bank of America&rdquo;), as Administrative Agent, Collateral Agent and L/C Issuer and each lender from time to time
party thereto (the &ldquo;Lenders&rdquo;). Under the Credit Agreement, the Lenders agreed to extend credit to the Company in the
form of (i) Term B loans in an aggregate principal amount equal to $290,000,000 (the &ldquo;Term B Loans&rdquo;) and (ii) revolving
credit facility in an aggregate principal amount of $100,000,000 (the &ldquo;Revolving Credit Facility,&rdquo; and together with
the Term B Loans, the &ldquo;Credit Facilities&rdquo;). The Revolving Credit Facility contains a letter of credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Closing Date, the full amount of the Term B Loans were
drawn, but the Company did not borrow under the Revolving Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Revolving Credit Facility will mature five years from the
Closing Date. The Term B Loans will mature seven years from the Closing Date. The principal amount of the Term B Loans amortizes
in quarterly installments, commencing after the closing, equal to 0.25% of the original principal amount of the Term B Loans, with
the balance payable at maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to certain exceptions, the Term B Loans are subject
to mandatory prepayments in amounts equal to: (a)&nbsp;100% of the net cash proceeds from any non-ordinary course sale or other
disposition of assets (including as a result of casualty or condemnation) by the Company or its subsidiaries in excess of a certain
amount and subject to customary reinvestment provisions and certain other exceptions; (b)&nbsp;100% of the net cash proceeds from
issuances or incurrences of debt by the Company or its Subsidiaries (other than indebtedness permitted by the Credit Agreement);
and (c)&nbsp;beginning with the fiscal year ended June 30, 2015, 50% (with step-downs to 25% and 0% based upon achievement of a
specified leverage ratio) of annual excess cash flow of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Borrowings under the Revolving Credit Facility bear interest
at rates based on the ratio of the Company and its subsidiaries&rsquo; net consolidated first lien indebtedness to the Company
and its subsidiaries&rsquo; consolidated EBITDA for applicable periods specified in the Credit Facilities (the &ldquo; First
Lien Net Leverage Ratio &rdquo;). The interest rate per annum applicable to the loans under the Credit Facilities will be based
on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company&rsquo;s election from time to time,
either (1)&nbsp;a base rate determined by reference to the highest of (a)&nbsp;the rate as publicly announced from time to time
by Bank of America as its &ldquo;prime rate,&rdquo; (b)&nbsp;the federal funds effective rate plus 0.50% and (c) one-month
LIBOR plus 1.00%, or (2) a Eurocurrency rate determined by reference to LIBOR with a term as selected by the Company, of one
day or one, two, three or six months (or twelve months or any shorter amount of time if consented to by all of the lenders under
the applicable loan). The Revolving Credit Facility has applicable rates equal to 1.75%, in the case of base rate loans, and
2.75%, in the case of LIBOR loans, and the Term B Loan Facility has applicable margins equal to 2.00%, in the case of base
rate loans, and 3.00%, in the case of LIBOR loans. Term B Loans will be subject to a floor of 1.00% in the case of LIBOR
loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company must pay the Administrative
Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans,
less the amount of other obligations of the Company payable under the Revolving Credit Facility in the applicable quarterly period.
Additionally, under the Revolving Credit Facility, the Company must pay the lenders certain letter of credit fees based upon the
daily amount available to be drawn under such letters of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Credit Facilities also contain customary financial and other
covenants, including: limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments
and restricted payments, a requirement to maintain certain leverage ratios, and certain restrictions on the sale of assets. A violation
of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or
cause a default under the Credit Facilities, which would permit the participating lenders to restrict the Company&rsquo;s ability
to access the Revolving Credit Facility and require the immediate repayment of any outstanding advances made under the Credit Facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Credit Facilities will be secured by certain collateral,
subject to certain exceptions and thresholds, including: (a)&nbsp;perfected first priority security interests in substantially
all tangible and intangible personal property and fee-owned real property of the Company and each of the Guarantors and (b)&nbsp;a perfected first priority pledge of (i)&nbsp;the equity interests of each direct
domestic restricted subsidiary of the Company and each of the Guarantors and each of the Company&rsquo;s and the Guarantors&rsquo;
wholly-owned material subsidiaries and (ii)&nbsp;65% of the stock of each material first-tier foreign restricted subsidiary (including a U.S. subsidiary whose primary
assets consist of equity in foreign restricted subsidiaries) of
the Company and each of the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The foregoing is a summary
of the terms of the Credit Agreement, and is qualified in its entirety by reference to the full text of the Credit Agreement, a
copy of which is attached as Exhibit 10.1, and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The Credit Agreement has been included as an exhibit to this
Current Report on Form 8-K to provide you with information regarding its terms. The Credit Agreement contains representations and
warranties that the parties thereto made to the other parties thereto as of specific dates. The assertions embodied in the representations
and warranties in the Credit Agreement were made solely for purposes of the contract among the respective parties, and each may
be subject to important qualifications and limitations agreed to by the parties in connection with negotiating the terms thereof.
Moreover, some of those representations and warranties may not be accurate or complete as of any specified date, may be subject
to a contractual standard of materiality different from those generally applicable to shareholders or may have been used for the
purpose of allocating risk among the parties rather than establishing matters as facts.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>ITEM 2.03 CREATION OF
A DIRECT FINANCIAL OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B><I>Credit Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">As discussed in Item 1.01
above, on April 16, 2014, the Company, the Guarantors, Bank of America and the Lenders entered into the Credit Agreement, which
provides for the Term B Loans in an aggregate principal amount equal to $290,000,000 and the Revolving Credit Facility in an aggregate
principal amount equal to $100,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The description of the material
terms of the Credit Agreement in Item 1.01 is incorporated by reference in this Item 2.03, and is qualified in its entirety by
reference to the full text of the Credit Agreement, a copy of which is attached hereto as Exhibit 10.1, and it incorporated by
reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT></P></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 89%; font-size: 10pt; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">10.1</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Credit Agreement, dated April 16, 2014.&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PHIBRO ANIMAL HEALTH CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Registrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: April 23, 2014</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Thomas G. Dagger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:&nbsp;Thomas G. Dagger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Corporate Secretary</TD></TR>
</TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "t1400742_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 25245}]
{"company-data": {"conformed-name": "PHIBRO ANIMAL HEALTH CORP", "cik": "0001069899", "assigned-sic": "2040", "irs-number": "131840497", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36410", "film-number": "14779545"}, "business-address": {"street1": "GLENPOINTE CENTRE EAST, 3RD FLOOR", "street2": "300 FRANK W. BURR BLVD., SUITE 21", "city": "TEANECK", "state": "NJ", "zip": "07666", "phone": "201-329-7300"}, "mail-address": {"street1": "GLENPOINTE CENTRE EAST, 3RD FLOOR", "street2": "300 FRANK W. BURR BLVD., SUITE 21", "city": "TEANECK", "state": "NJ", "zip": "07666"}, "former-company": {"former-conformed-name": "PHILIPP BROTHERS CHEMICALS INC", "date-changed": "19980908"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
April 23, 2014 (April 16, 2014)
Phibro Animal Health Corporation
___________________________
(EXACT NAME
OF REGISTRANT AS SPECIFIED IN CHARTER)
Delaware
_________
01-36410
__________
13-1840497
__________
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Glenpointe Centre East, 3rd Floor
300 Frank W. Burr Boulevard, Suite 21
Teaneck, New Jersey 07666-6712
_______________________________________
(Address
of Principal Executive Offices, including Zip Code)
(201) 329-7300
__________________________________
(Registrant's
telephone number, including area code)
Not Applicable
__________________________________
(Former
name or former address, if changed since last report)
Check the appropriate box below if this
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO
A MATERIAL DEFINITIVE AGREEMENT.
On April 16, 2014 (the "Closing
Date"), Phibro Animal Health Corporation (the "Company"), together with certain of its subsidiaries acting as
guarantors (the "Guarantors"), entered into a Credit Agreement (the "Credit Agreement") with Bank of America,
N.A. ("Bank of America"), as Administrative Agent, Collateral Agent and L/C Issuer and each lender from time to time
party thereto (the "Lenders"). Under the Credit Agreement, the Lenders agreed to extend credit to the Company in the
form of (i) Term B loans in an aggregate principal amount equal to $290,000,000 (the "Term B Loans") and (ii) revolving
credit facility in an aggregate principal amount of $100,000,000 (the "Revolving Credit Facility," and together with
the Term B Loans, the "Credit Facilities"). The Revolving Credit Facility contains a letter of credit facility.
At the Closing Date, the full amount of the Term B Loans were
drawn, but the Company did not borrow under the Revolving Credit Facility.
The Revolving Credit Facility will mature five years from the
Closing Date. The Term B Loans will mature seven years from the Closing Date. The principal amount of the Term B Loans amortizes
in quarterly installments, commencing after the closing, equal to 0.25% of the original principal amount of the Term B Loans, with
the balance payable at maturity.
Subject to certain exceptions, the Term B Loans are subject
to mandatory prepayments in amounts equal to: (a) 100% of the net cash proceeds from any non-ordinary course sale or other
disposition of assets (including as a result of casualty or condemnation) by the Company or its subsidiaries in excess of a certain
amount and subject to customary reinvestment provisions and certain other exceptions; (b) 100% of the net cash proceeds from
issuances or incurrences of debt by the Company or its Subsidiaries (other than indebtedness permitted by the Credit Agreement);
and (c) beginning with the fiscal year ended June 30, 2015, 50% (with step-downs to 25% and 0% based upon achievement of a
specified leverage ratio) of annual excess cash flow of the Company.
Borrowings under the Revolving Credit Facility bear interest
at rates based on the ratio of the Company and its subsidiaries' net consolidated first lien indebtedness to the Company
and its subsidiaries' consolidated EBITDA for applicable periods specified in the Credit Facilities (the " First
Lien Net Leverage Ratio "). The interest rate per annum applicable to the loans under the Credit Facilities will be based
on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company's election from time to time,
either (1) a base rate determined by reference to the highest of (a) the rate as publicly announced from time to time
by Bank of America as its "prime rate," (b) the federal funds effective rate plus 0.50% and (c) one-month
LIBOR plus 1.00%, or (2) a Eurocurrency rate determined by reference to LIBOR with a term as selected by the Company, of one
day or one, two, three or six months (or twelve months or any shorter amount of time if consented to by all of the lenders under
the applicable loan). The Revolving Credit Facility has applicable rates equal to 1.75%, in the case of base rate loans, and
2.75%, in the case of LIBOR loans, and the Term B Loan Facility has applicable margins equal to 2.00%, in the case of base
rate loans, and 3.00%, in the case of LIBOR loans. Term B Loans will be subject to a floor of 1.00% in the case of LIBOR
loans.
The Company must pay the Administrative
Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans,
less the amount of other obligations of the Company payable under the Revolving Credit Facility in the applicable quarterly period.
Additionally, under the Revolving Credit Facility, the Company must pay the lenders certain letter of credit fees based upon the
daily amount available to be drawn under such letters of credit.
The Credit Facilities also contain customary financial and other
covenants, including: limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments
and restricted payments, a requirement to maintain certain leverage ratios, and certain restrictions on the sale of assets. A violation
of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or
cause a default under the Credit Facilities, which would permit the participating lenders to restrict the Company's ability
to access the Revolving Credit Facility and require the immediate repayment of any outstanding advances made under the Credit Facilities.
The Credit Facilities will be secured by certain collateral,
subject to certain exceptions and thresholds, including: (a) perfected first priority security interests in substantially
all tangible and intangible personal property and fee-owned real property of the Company and each of the Guarantors and (b) a perfected first priority pledge of (i) the equity interests of each direct
domestic restricted subsidiary of the Company and each of the Guarantors and each of the Company's and the Guarantors'
wholly-owned material subsidiaries and (ii) 65% of the stock of each material first-tier foreign restricted subsidiary (including a U.S. subsidiary whose primary
assets consist of equity in foreign restricted subsidiaries) of
the Company and each of the Guarantors.
The foregoing is a summary
of the terms of the Credit Agreement, and is qualified in its entirety by reference to the full text of the Credit Agreement, a
copy of which is attached as Exhibit 10.1, and is incorporated by reference herein.
The Credit Agreement has been included as an exhibit to this
Current Report on Form 8-K to provide you with information regarding its terms. The Credit Agreement contains representations and
warranties that the parties thereto made to the other parties thereto as of specific dates. The assertions embodied in the representations
and warranties in the Credit Agreement were made solely for purposes of the contract among the respective parties, and each may
be subject to important qualifications and limitations agreed to by the parties in connection with negotiating the terms thereof.
Moreover, some of those representations and warranties may not be accurate or complete as of any specified date, may be subject
to a contractual standard of materiality different from those generally applicable to shareholders or may have been used for the
purpose of allocating risk among the parties rather than establishing matters as facts.
ITEM 2.03 CREATION OF
A DIRECT FINANCIAL OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
Credit Agreement
As discussed in Item 1.01
above, on April 16, 2014, the Company, the Guarantors, Bank of America and the Lenders entered into the Credit Agreement, which
provides for the Term B Loans in an aggregate principal amount equal to $290,000,000 and the Revolving Credit Facility in an aggregate
principal amount equal to $100,000,000.
The description of the material
terms of the Credit Agreement in Item 1.01 is incorporated by reference in this Item 2.03, and is qualified in its entirety by
reference to the full text of the Credit Agreement, a copy of which is attached hereto as Exhibit 10.1, and it incorporated by
reference herein.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit
Number
Description
10.1
Credit Agreement, dated April 16, 2014.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
PHIBRO ANIMAL HEALTH CORPORATION
Registrant
Date: April 23, 2014
By:
/s/ Thomas G. Dagger
Name: Thomas G. Dagger
Title:   Senior Vice President, General Counsel
and Corporate Secretary