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Darling Ingredients revises issue price on $525 million term B to par
By Sara Rosenberg
New York, Dec. 12 – Darling Ingredients Inc. tightened the issue price on its $525 million seven-year covenant-light term loan B (Ba1/BBB-) to par from 99.75, according to a market source.
As before, the term loan is priced at Libor plus 200 basis points with a 0% Libor floor, and includes 101 soft call protection for six months and amortization of 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.
Proceeds will be used to refinance an existing term loan B.
Closing is expected on Friday, the source added.
Darling is an Irving, Texas-based developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients.
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