Darling Ingredients Inc. has made significant moves to refinance its long-term debt, extending maturities and securing new funding. The company's subsidiary, Darling Global Finance B.V., recently closed an offering of €750 million aggregate principal amount of unsecured senior notes due 2032. These notes bear interest at 4.5% per annum, payable semi-annually.
In addition to the offering of senior notes, Darling Ingredients Inc. entered into an amendment and restatement of its existing credit agreement, replacing it with a new senior secured credit facility. This new facility consists of a $2 billion revolving loan facility and a $900.0 million farm credit term loan facility.
The proceeds from the offering of the notes, combined with the new senior secured credit facilities, were utilized to redeem existing €515.0 million principal amount of 3.625% senior notes due 2026 and to repay or refinance the existing senior secured credit facilities.
It's important to note that the notes and related guarantees will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements.
Darling Ingredients Inc. is a leader in circularity, operating over 260 facilities in more than 15 countries. The company processes about 15% of the world’s animal agricultural by-products and produces about 30% of the world’s collagen. Following these announcements, the company's shares moved -3.26%, and are now trading at a price of $37.06. If you want to know more, read the company's complete 8-K report here.
