3i realises £67.6m in Phibro Animal Health’s IPO

17 Apr 2014

3i Group plc (“3i”) is pleased to report that Phibro Animal Health Corporation (“Phibro”), a maker and marketer of animal health and nutrition products, has completed its Initial Public Offering (“IPO”) on NASDAQ.

Phibro offered 14.7 million shares at $15 per share. As part of this offering, 3i reduced its stake in Phibro from 30% to 7%. Furthermore, a $24 million (£14.4 million) loan outstanding from 3i to Phibro was repaid. Total proceeds to 3i were approximately £67.6 million ($112.5 million), and at the offering price 3i’s remaining 7% stake was worth approximately £25.1 million ($41.8 million). Together, this represents a £21.8 million uplift over the 31 December 2013 valuation of 3i’s stake of £70.9 million.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on 10 April 2014. The offering of these securities is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, New York 10038, or by email: dg.prospectus_requests@baml.com, Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, and Barclays, (c/o Broadridge Financial Solutions) 1155 Long Island Avenue, Edgewood, New York 11717, via telephone: +1 (888).603-5847 or by email: Barclaysprospectus@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

 

For further information, contact:

3i UK
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com 

 

Notes to editors:

About 3i Group

3i is a leading international investor focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. For further information, please visit: www.3i.com.

About Phibro Animal Health Corporation

Phibro Animal Health Corporation is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture.

 

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please go to our website.