Darling talks $250 million eight-year senior notes with 8½%-8¾% yield

By Paul A. Harris

St. Louis, Dec. 2 - Darling International Inc. talked its $250 million offering of eight-year senior notes (B2/B) with at 8½% to 8¾% yield on Thursday, according to market sources.

The deal is expected to price on Friday.

J.P Morgan Securities LLC and Goldman Sachs & Co. are managing the Rule 144A deal.

The notes come with four years of call protection.

The company is also putting in place a $625 million credit facility.

Proceeds will be used to help fund the acquisition of Griffin Industries Inc. for $740 million in cash and about $100 million of common stock.

Other funds for the transaction will come from cash on hand.

Darling is an Irving, Texas-based provider of rendering, recycling and recovery services to the food industry. Griffin is Cold Spring, Ky.-based provider of rendering, bakery feed and cooking oil recycling services.

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