New Issue: Darling International issues $35 million 12% notes due 2009 in private placement

By Paul A. Harris

St. Louis, Jan. 2 - Darling International Inc. priced $35 million of 12% senior subordinated notes due Dec. 31, 2009, according to documents filed Friday with the Securities and Exchange Commission.

The notes, which settled on Wednesday, were privately placed. The allocations were as follows: SOF Investments LP, $30 million; White Tip Investments LLC, $2.5 million; and Donatello Investments LLC, $2.5 million.

Darling International plans to use proceeds to pay down the term loan under the company's senior credit facility.

The issuer is an Irving, Texas-based food processing by-products recycling company.

Issuer:	Darling International Inc.
Amount:	$35 million
Maturity:	Dec. 31, 2009
Security description:	Senior subordinated notes
Coupon:	12%
Call protection:	Non-callable until June 1, 2006, then at 105.5, 102.75, par on June 1, 2008 and thereafter
Equity clawback:	Three years for 35% at 112.0
Settlement date:	Dec. 31
Distribution:	Private placement

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