Commentary & Deal Flow

Darling Global Finance BV (Darling Ingredients) (DAR) EUR750m 144A/Reg S sr notes due 06/15/32 (7y). NC3 (07/15/28) (MWC B+50bp), then at 102.25, 101.125, 100. Equity claw: 3y 40% at 104.50. Ba2/BB+/BB+ (negative/stable/stable). Gtd by Darling Ingredients Inc. Via JPM (B&D)/BofA/BNP/Citi/GS/PNC/Rabo/TD/TSI jt books, Comerica as co-managers. No reg rights. List ISE. NY law. CoC at 101. IG-style covenants per its outstanding US$ notes due 2030. Pays Jan 15 and July 15, starting 01/15/26. Denoms: 100x1. Settles 06/24. Reg S ISIN: XS3101875931. IPT: high 4s. Price talk 4.50%-4.75%.

Priced: 4.50% at 100. +225bp vs DBR 0% 02/15/32. 

Roadshow (small group meetings) 06/16-17 (investor call at 2pm UKT 06/16). Books closed at 12pm UKT 06/18. 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 the EUR155m draw on 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