Moody’s gives Darling notes Ba3

Moody’s Investors Service said it gave Darling Ingredients Inc.’s expected $500 million of senior unsecured notes a Ba3 rating.

All other ratings remain unchanged including, the Ba1 rating on its senior secured credit facilities, and the Ba3 rating on its senior unsecured notes. Darling's SGL-1 speculative grade liquidity rating is unchanged.

The proceeds will be used for general corporate purposes, including acquisitions and may be used to partially fund the acquisition of Valley Proteins. Darling announced on Dec. 28 that it had agreed to acquire Valley Proteins for $1.1 billion. The deal is expected to close during the quarter ended June 30.

The outlook is positive.

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