Commentary & Deal Flow

+++Corrects currency: EUR (not US$)+++

Darling Global Finance BV (Darling Ingredients) (DAR) EUR750m 144A/Reg S sr notes due 2032 (7y). NC3 (50%,25%,par). Ba2/BB+/BB+ (negative/stable/stable). Via JPM (B&D)/BofA/BNP/Citi/GS/PNC/Rabo/TD/TSI jt books, Comerica as co-managers. No reg rights.

IPT: high 4s.

Roadshow (small group meetings) 06/16-17 (investor call at 2pm UKT 06/16). UOP: along with a new $900m farm credit term loan A and a $640m draw on a new $2bn revolver, to repay its existing farm credit term loans ($400m A-1, $500m A-2, $300m A-3, and $500m A-4 facilities), repay its existing $1.5bn revolver, and redeem its EUR515m 3.625% sr notes due 05/15/26 (callable at 100). Biz: an indirect wholly-owned sub of Darling Ingredients Inc, which turns food waste into sustainable products (food, feed and fuel) and is a leading producer of renewable energy (green diesel). HQ: Irving, TX.

Netroadshow link: https://www.netroadshow.com/events/login?show=87d64e17&confId=84265