Darling Ingredients’ $500 Million Senior Notes Offering


Simpson Thacher represented the initial purchasers, led by bookrunning manager Merrill Lynch, Pierce, Fenner & Smith Incorporated, in connection with a Rule 144A/Regulation S offering of $500 million aggregate principal amount of 5.25% Senior Notes due 2027 by Darling Ingredients Inc. (“Darling Ingredients”).

Darling Ingredients intends to use the net proceeds from the offering to refinance its outstanding 5.375% Senior Notes due 2022 (the “2022 Senior Notes”).

Simpson Thacher also represented Merrill Lynch, Pierce, Fenner & Smith Incorporated as the dealer manager in connection with Darling Ingredients’ offer to purchase for cash any and all of its outstanding 2022 Senior Notes. Darling Ingredients received tenders of and accepted for purchase $374 million of the total outstanding principal amount of the 2022 Senior Notes. The tender offer expired on April 2, 2019.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Rabo Securities USA Inc. and TD Securities (USA) LLC. acted as initial purchaser in the deal.

Darling Ingredients is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and specialty solutions for customers in the pharmaceutical, food, pet food, feed, technical, fuel, bioenergy and fertilizer industries.

The Simpson Thacher team included Art Robinson (Picture), Patrick Baron and Seth Lowinger (Capital Markets); Larry Moss and Joo Hyun Lee (Executive Compensation and Benefits); Jonathan Cantor (Tax); Alysha Sekhon (Intellectual Property); Adeeb Fadil and Noreen Lavan (Environmental); and Jennie Getsin (Blue Sky).

Involved fees earner: Patrick Baron – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Seth Lowinger – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Alysha Sekhon – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BMO Capital Markets; BNP Paribas Securities; Citigroup Global Markets Ltd; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Rabo Securities; TD Securities;

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Author: Ambrogio Visconti