Exhibit 99.1
Darling Ingredients Inc. Announces Private Offering of $500.0 Million of Unsecured Senior Notes
IRVING, TEXAS, May 31, 2022 –– Darling Ingredients Inc. (NYSE: DAR) (“Darling” or the “Company”) today announced the launch of an offering of $500.0 million in aggregate principal amount of unsecured senior notes (the “notes”) by Darling. The offering is subject to market and other conditions.
The notes will initially be guaranteed by all of Darling’s restricted subsidiaries, other than foreign subsidiaries, that are borrowers under or that guarantee Darling’s senior secured credit facilities under its Second Amended and Restated Credit Agreement dated January 6, 2014, as amended (the “Credit Agreement”). The guarantors of the notes are the same guarantors as for Darling’s existing dollar-denominated notes. The gross proceeds of the notes offering are expected to be used (i) for general corporate purposes, including acquisitions, repayment of indebtedness and capital expenditures; and (ii) to pay the costs, commissions, fees, and expenses incurred in connection with the offering of the notes (including the initial purchasers’ discount). Darling may temporarily apply proceeds to reduce revolving credit indebtedness or invest in cash equivalents, U.S. government securities and other high-quality debt investments pending application of the proceeds.
The notes and related guarantees will be offered in the United States to persons reasonably believed to be “qualified institutional buyers” in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non–U.S. persons in reliance on Regulation S under the Securities Act. The notes and related guarantees will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes and related guarantees, nor shall there be any offer to sell, solicitation of an offer to buy or sale of the notes and related guarantees, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates 250 plants in 17 countries and repurposes nearly 15% of the world’s meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals and pet food ingredients. To learn more, visit darlingii.com. Follow us on LinkedIn.
Cautionary Statements Regarding Forward-Looking Information
This press release contains “forward-looking” statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are “forward-looking” statements and are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could” and similar expressions are intended to identify “forward-looking” statements. “Forward-looking” statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such “forward-looking” statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its “forward-looking” statements as a result of a variety of factors, including many that are beyond the Company’s control. These factors include, among others, existing and unknown future limitations on the ability of the Company’s direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company’s indebtedness or other purposes; global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company’s products; reductions in raw material volumes