Darling Ingredients amended and extended its senior secured credit facility. The amendment extends the maturity date of the revolving credit facility under the company’s credit agreement to Dec. 8, 2026 (which is also the maturity date for its term loan A) and increases the borrowing capacity under the senior secured credit facility to $1.9 billion, including the $400 million delayed draw term loan A. According to an 8K filed with the SEC, JPMorgan Chase Bank is the administrative agent for the facility.
“Completing the amended revolving credit facility positions Darling to continue executing our growth strategy to expand our global low carbon feedstocks footprint,” Randall C. Stuewe, chairman and CEO of Darling Ingredients, said. “We are pleased with the solid relationship we have with our syndicate of banking partners and we thank them for their ongoing support and demonstrating their confidence in our business.”
In addition to upsizing the revolving credit facility and extending the maturity date, the amendment provides a delayed draw term loan commitment and incurs new term loans in an aggregate principal amount of up to $400 million, which will be made available to Darling Ingredients and have a term of five years. The amendment also joins Darling Ingredients Germany Holding GmbH and Darling Ingredients Belgium Holding B.V., each of which are indirect subsidiaries of Darling Ingredients and guarantors under the credit agreement, as “borrowers” under the credit agreement and updates and modifies certain other terms and provisions of the credit agreement, including to reflect alternative reference rates based on the secured overnight financing rate for U.S. dollar loans, the sterling overnight index average for pound sterling loans and the euro interbank offered rate for euro dollar loans.
Darling Ingredients is a producer of organic ingredients. The company collects waste streams from the agri-food industry and repurposes the materials into specialty ingredients, such as hydrolyzed collagen, edible and feed-grade fats, animal proteins and meals, plasma, pet food ingredients, fuel feedstocks and green bioenergy.
