Darling Ingredients amends, extends $1 billion credit facility

By Taylor Fox

New York, Sept. 21 – Darling Ingredients Inc. amended and extended its $1 billion senior secured credit facility, according to a news release.

The amendment extends the maturity date of the revolving credit facility under the credit agreement to Sept. 18, 2025 from Dec. 16, 2021.

The amendment also increases the leverage ratio applicable to achieving the lowest applicable margin on borrowings under the revolving credit facility to 1.5 from 1.0 and eliminates or modifies some of the negative covenants to increase the allowances for certain actions, including the incurrence of debt and investments.

The amendment also limits guarantees from, and security with respect to, entities organized outside of the United States and Canada to a limited group of foreign subsidiary holding companies, includes a collateral release mechanic, subject to the consent of the term loan B lenders, upon Darling achieving certain investment-grade credit ratings and makes other market updates and changes.

Darling is an Irving, Texas-based developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients.

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