S&P rates Darling notes BB+

S&P said it assigned BB+ issue-level and 4 recovery ratings to Darling Ingredients Inc.'s planned $500 million of senior unsecured notes due 2030. The 4 recovery rating indicates average (30%-50%; rounded estimate: 35%) recovery in default.

“The recovery prospects for the senior unsecured noteholders reflect the significant amount of senior secured claims ranking ahead of the unsecured notes in the company's capital structure,” S&P said in a press release. Darling’s BB+ issuer credit rating and stable outlook are unchanged.

Darling will use the proceeds for general corporate purposes, including acquisitions that expand rendering operations in its feed segment.

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