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Subsequent Event | 9 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Event | 3. Subsequent Event Initial Public Offering On April 16, 2014, we completed our initial public offering (“IPO”) of 8,333,333 shares of Class A common stock at a price to the public of $15.00 per share. The proceeds to us from this offering were approximately $114,229, after deducting underwriting discounts of approximately $8,438 and offering expenses payable by us of approximately $2,333 (after giving effect to the reimbursement of certain expenses by the underwriters). Immediately following the consummation of the IPO, there were 38,791,553 total shares outstanding, consisting of 17,442,953 outstanding shares of Class A common stock and 21,348,600 outstanding shares of Class B common stock, after giving effect to the 0.442-for-1 stock split and reclassification of our common stock which took place immediately prior to the completion of the IPO. The shares of Class B common stock have economic rights identical to the shares of Class A common stock and entitle the holders to 10 votes per share on all matters to be voted on by stockholders generally. Issuance of 2014 Revolving Credit Facility and Term B Loan On April 16, 2014, Phibro, together with certain of its subsidiaries acting as 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 loan in an aggregate principal amount equal to $290,000 (the “Term B Loan”) and (ii) revolving credit facility in an aggregate principal amount of $100,000 (the “Revolving Credit Facility,” and together with the Term B Loan, the “Credit Facilities”). The Revolving Credit Facility contains a letter of credit facility. 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 has applicable margins equal to 2.00%, in the case of base rate loans, and 3.00%, in the case of LIBOR loans. Interest on the Term B Loan will be subject to a floor of 1.00% in the case of LIBOR loans. The maturity dates of the Revolving Credit Facility and the Term B Loan are April 15, 2019 and April 15, 2021, respectively. We issued the Term B Loan at 99.75% of par value, with proceeds of $284,740, after deducting $5,260 of original issue discount and costs related to the issuance of these facilities. Retirement of 9.25% Senior Notes, Mayflower Term Loan, BFI Term Loan and Domestic Senior Credit Facility On April 16, 2014, we retired $24,000 of term loan payable to Mayflower due December 31, 2016, $10,000 of term loan payable to BFI due August 1, 2014 and outstanding borrowings under our domestic senior credit facility. On April 16, 2014, we called for redemption on May 16, 2014 of $300,000 of 9.25% senior notes due July 1, 2018 (the “Senior Notes”), and deposited the necessary funds with the trustee for payment of the principal, accrued interest and redemption premium. Effect of the Transaction As a result of the retirement of our prior indebtedness, our consolidated statement of operations for the quarter and year ended June 30, 2014 will include a loss on extinguishment of debt as follows:
​ | Redemption premium | ​ | ​ | ​ | $ | 17,184 |  | ​ | ​
​ | Write-off of original issue discount related to retired Senior Notes and BFI | ​ | ​ | ​ | ​ | 2,123 |  | ​ | ​
​ | Write-off of capitalized debt issuance costs related to retired Senior Notes, Mayflower term loan, BFI term loan and cancelled domestic senior credit facility and other items | ​ | ​ | ​ | ​ | 4,391 |  | ​ | ​
​ | Loss on extinguishment of debt | ​ | ​ | ​ | $ | 23,698 |  | ​ | ​
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Net Income per Share and Weighted Average Shares For purposes of calculating net income per share, we have adjusted the weighted average number of shares for the 0.442-for-1 stock split. For purposes of calculating diluted net income per share, we have assumed a market value of $15.00 per share.
​ | ​ | ​ | ​ | Three Months | ​ | ​ | Nine Months | ​
​ | For the Periods Ended March 31 | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ | ​ | 2014 | ​ | ​ | 2013 | ​
​ | Net income | ​ | ​ | ​ | $ | 6,370 |  | ​ | ​ | ​ | ​ | $ | 4,180 |  | ​ | ​ | ​ | ​ | $ | 14,515 |  | ​ | ​ | ​ | ​ | $ | 18,912 |  | ​ | ​
​ | Weighted average number of shares – basic | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​
​ | Dilutive effect of stock options | ​ | ​ | ​ | ​ | 158 |  | ​ | ​ | ​ | ​ | ​ | — |  | ​ | ​ | ​ | ​ | ​ | 53 |  | ​ | ​ | ​ | ​ | ​ | — |  | ​ | ​
​ | Dilutive effect of BFI warrant | ​ | ​ | ​ | ​ | 41 |  | ​ | ​ | ​ | ​ | ​ | — |  | ​ | ​ | ​ | ​ | ​ | 14 |  | ​ | ​ | ​ | ​ | ​ | — |  | ​ | ​
​ | Weighted average number of shares – diluted | ​ | ​ | ​ | ​ | 30,657 |  | ​ | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​ | ​ | ​ | ​ | 30,525 |  | ​ | ​ | ​ | ​ | ​ | 30,458 |  | ​ | ​
​ | Net income per share: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
​ | basic | ​ | ​ | ​ | $ | 0.21 |  | ​ | ​ | ​ | ​ | $ | 0.14 |  | ​ | ​ | ​ | ​ | $ | 0.48 |  | ​ | ​ | ​ | ​ | $ | 0.62 |  | ​ | ​
​ | diluted | ​ | ​ | ​ | $ | 0.21 |  | ​ | ​ | ​ | ​ | $ | 0.14 |  | ​ | ​ | ​ | ​ | $ | 0.48 |  | ​ | ​ | ​ | ​ | $ | 0.62 |  | ​ | ​
​ | ​ | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
For the three and nine month periods ended March 31, 2014, there were no shares excluded from the calculation of diluted net income per share. For the three and nine month periods ended March 31, 2013, the stock options and warrants to purchase 2,519 shares of common stock had an exercise price greater than the market price and were excluded from the calculation of diluted net income per share because the effect from the assumed exercise of these options and warrants calculated under the treasury stock method would be anti-dilutive.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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