Darling begins tender offer for $500 million 5 3/8% notes due 2022

By Marisa Wong

Morgantown, W.Va., March 27 – Darling Ingredients Inc. has begun a cash tender offer for any and all of its $500 million outstanding 5 3/8% senior notes due 2022, according to a news release.

The offer expires at 5 p.m. ET on April 2.

The company is offering to purchase the notes at $1,015.25 per $1,000 principal amount plus accrued interest to the settlement date, which is expected to be April 3.

Settlement of any notes tendered under guaranteed delivery procedures will be on April 5.

The tender offer is conditioned on Darling completing a debt financing that generates enough proceeds for the repurchase of notes under the tender offer. The company separately announced on Wednesday that it launched a $500 million offering of senior notes.

BofA Merrill Lynch (888 292-0070 or 980 387-5602) is the dealer manager for the tender offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 591-6313 for all others or dar@dfking.com) is the tender agent and information agent.

Darling said it plans to redeem any notes that remain outstanding after completion of the tender offer. The current redemption price of the notes, excluding accrued interest, is 101.344, which is less than the purchase price under the tender offer.

Darling is an Irving, Tex.-based developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients for customers in the pharmaceutical, food, pet food, feed, technical, fuel, bioenergy and fertilizer industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.