Initial Public Offering and Refinancing

12 Months Ended

Jun. 30, 2014

Initial Public Offering And Refinancing [Abstract]

Initial Public Offering and Refinancing

Initial Public Offering

On April 16, 2014, we completed the initial public offering (“IPO”) of 14,657,200 shares of Class A common stock (including the exercise of the underwriters’ over-allotment option) at a price to the public of $15.00 per share. In connection with the IPO, we issued and sold 8,333,333 shares of Class A common stock. The proceeds to us from the IPO were $114,429, after deducting underwriting discounts of $8,438 and net offering expenses payable by us of $2,133.

In connection with the IPO, Mayflower Limited Partnership (“Mayflower”), a limited partnership that is managed by 3i Investments plc and advised by 3i Corporation, and whose sole limited partner is 3i Group plc, the ultimate parent company of both 3i Investments plc and 3i Corporation, sold 6,323,867 shares of Class A common stock including 1,911,808 shares of Class A common stock pursuant to the exercise of the underwriters’ over-allotment option. We did not receive any proceeds from shares sold by Mayflower.

In connection with the IPO, we effected a 0.442-for-1 stock split. All amounts have been adjusted retrospectively to give effect to the stock split.

Issuance of Credit Facilities

On April 16, 2014, Phibro, together with certain of its subsidiaries acting as guarantors, entered into a 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”). The Lenders extended credit to the Company in the form of (i) a $290,000 Term B loan and (ii) a $100,000 revolving credit facility. The revolving credit facility was undrawn at closing and at June 30, 2014, and contains a letter of credit facility. See “—Debt.”

Retirement of 9.25% Senior Notes, Mayflower Term Loan, BFI Term Loan and Domestic Senior Credit Facility

On April 16, 2014, we retired a $24,000 term loan payable to Mayflower due December 31, 2016, a $10,000 term loan payable to BFI Co., LLC (“BFI”), a Bendheim family investment vehicle, due August 1, 2014 and $36,000 of outstanding borrowings under our domestic senior credit facility.

On May 16, 2014, we retired $300,000 of 9.25% senior notes due July 1, 2018 (the “Senior Notes”).

Effect of the Refinancing

Our consolidated statement of operations for the year ended June 30, 2014, included a loss on extinguishment of debt as follows:

Redemption premium on Senior Notes	$	17,184
Write-off of original issue discount related to Senior Notes and BFI term loan		2,123
Write-off of capitalized debt issuance costs related to Senior Notes, Mayflower term loan, BFI term loan and cancelled domestic senior credit facility and other items		3,464
Loss on extinguishment of debt	$	22,771