Darling Ingredients gets tenders for €264.56 million of 4¾% notes

By Marisa Wong

Morgantown, W.Va., May 2 – Darling Ingredients Inc. said its indirect wholly owned subsidiary Darling Global Finance BV received tenders for €264,558,000, or 51.4%, of its €515 million outstanding 4¾% senior notes due 2022 as of 10 a.m. ET on May 2, the expiration of its previously announced cash tender offer.

The company expects to accept all of the tendered notes for purchase. Settlement will be on May 3.

As announced on April 23, the company was offering to purchase any and all of the 4¾% notes due 2022 at a cash purchase price of €1,027.45 per €1,000 principal amount plus accrued interest to but excluding the settlement date.

Settlement for notes tendered under guaranteed delivery was scheduled for May 8, but no notes were tendered under guaranteed delivery procedures, according to a Wednesday press release.

The company plans to redeem any notes that remain outstanding after the tender ends.

The tender was contingent on closing of debt financing with enough proceeds, along with borrowings under Darling’s revolving credit facility, to fund the offer. On Wednesday Darling closed its private offering of €515 million of 3 5/8% senior notes due 2026.

BNP Paribas (+44 20 7595 8668) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880, darling@lucid-is.com or lucid-is.com/darling) is the tender and information agent.

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

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