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JPMorgan Chase Agents Darling Ingredients’ Revolving Credit Facility Increase to $1.5B

December 14, 2021, 07:30 AM

Darling Ingredients amended and extended its Senior Secured Credit Facility. The amendment extends the maturity date of the revolving credit facility under the credit agreement to December 9th, 2026 (which is also the maturity date for the term loan A) and increases the borrowing capacity under the Senior Secured Credit Facility to $1.9 billion, inclusive of the $400 million delayed draw term loan A. According to the 8K filed with the SEC, JPMorgan Chase Bank is the Adminitrative 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," said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients. "We are pleased with the solid relationship we have with our syndicate of banking partners and we thank them for their on-going support and demonstrating their confidence in our business," Stuewe added.

In addition to upsizing the revolving credit facility and extending the maturity date, the amendment obtains 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 the Company and have a term of 5 years. The amendment also joins Darling Ingredients Germany Holding GmbH and Darling Ingredients Belgium Holding B.V., each of which are indirect subsidiaries of the Company, 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.

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