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  • Darling Ingredients Inc.

Darling Ingredients extends $1 billion credit facility, reinforces liquidity strength for growth

Darling Ingredients Inc. announced Sept. 21 that it has amended and extended its $1 billion senior secured credit facility. The amendment extends the maturity date of the revolving credit facility under the credit agreement from Dec. 16, 2021, to Sept. 18, 2025.

"We are pleased to complete the amendment and extension of our credit facility ahead of schedule," said Randall C. Stuewe, chairman and CEO of Darling Ingredients. "This transaction reinforces our solid financial position and provides us with a strong balance sheet and ample liquidity to continue to execute on our growth strategy. We would like to thank our syndicate of banking partners for their on-going support and demonstrating their confidence in our business, especially during these uncertain times."

In addition to extending the maturity date, the amendment increases the leverage ratio applicable to achieving the lowest applicable margin on borrowings under the revolving credit facility from 1.0 to 1.5; eliminates or modifies certain of the negative covenants to increase the allowances for certain actions, including the incurrence of debt and investments; limits guarantees from, and security with respect to, entities organized outside of the U.S. and Canada to a limited group of foreign subsidiary holding companies; includes a collateral release mechanic, subject to the consent of the term loan B lenders, upon the company achieving certain investment grade credit ratings; and makes other market updates and changes.



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