New Issue: Darling Ingredients sells $250 million tap of 6% notes due 2030 at 102 to yield 5.678%

By Paul A. Harris

Portland, Ore., Aug. 15 – Darling Ingredients, Inc. priced a $250 million add-on to its 6% senior notes due June 15, 2030 (Ba3/BB+/BB+) at 102 to yield 5.678% in a Monday drive-by, according to market sources.

The issue price came at the rich end of the 101.5 to 102 price talk. Initial price talk was 101.5.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were BNP Paribas Securities Corp., BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and J.P. Morgan Securities LLC.

The Irving, Tex.-based agri-food business plans to use the proceeds for general corporate purposes, including debt repayment.

Issuer:	Darling Ingredients Inc.
Amount:	$250 million
Issue:	Senior notes add-on
Maturity:	June 15, 2030
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	BNP Paribas Securities Corp., BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and J.P. Morgan Securities LLC
Co-managers:	Rabo Securities USA Inc., TD Securities (USA) LLC, Truist Securities Inc., HSBC Securities (USA) Inc. and Comerica Securities Inc.
Coupon:	6%
Price:	102
Yield:	5.678%
Spread:	290 bps
First call:	June 15, 2025 at 103
Trade date:	Aug. 15
Settlement date:	Aug. 17
Ratings:	Moody's: Ba3
	S&P: BB+
	Fitch: BB+
Distribution:	Rule 144A and Regulation S
Price talk:	101.5 to 102
Marketing:	Drive-by
Original issue:	$750 million issued on June 9
Fungibility:	Add-on notes to immediately become fungible with original notes

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