Darling Ingredients talks $525 million term B at Libor plus 200 bps

By Sara Rosenberg

New York, Dec. 5 – Darling Ingredients Inc. launched on Tuesday its $525 million seven-year covenant-light term loan B (Ba1/BBB-) with price talk of Libor plus 200 basis points with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Amortization on the term loan is 1% per annum.

BMO Capital Markets, Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint lead arrangers on the deal.

Commitments are due at noon ET on Friday.

Proceeds will be used to refinance an existing term loan B.

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

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