Darling Ingredients Inc. has announced the pricing of an offering of €750 million in aggregate principal amount of 4.5% senior notes due 2032 by Darling Global Finance B.V., an indirect, wholly owned subsidiary of the company. The offering is expected to close on or about June 24, 2025.
The company intends to use the proceeds from the offering of the notes, together with the drawings under the proposed senior secured credit facilities, to redeem the issuer’s €515.0 million principal amount of the 3.625% senior notes due 2026 and repay certain of the company’s existing senior secured credit facilities. This move will allow the company to maintain its blended cost of debt at current levels while extending the term of the notes for another seven years.
This press release also mentions that the notes and related guarantees were offered in the United States only to persons reasonably believed to be "qualified institutional buyers" in reliance on rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
Darling Ingredients Inc., known for its sustainable practices, operates over 260 facilities in more than 15 countries and processes about 15% of the world’s animal agricultural by-products, produces about 30% of the world’s collagen, and is one of the largest producers of renewable energy.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes and related guarantees, nor shall there be any offer to sell, solicitation of an offer to buy, or sale of the notes and related guarantees, in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Following these announcements, the company's shares moved -0.23%, and are now trading at a price of $38.55. If you want to know more, read the company's complete 8-K report here.
