Foods Processing: Darling Financing Griffin Buy
November 30, 2010 (FinancialWire) (http://www.financialwire.net/) — Darling International Inc. (NYSE: DAR), a provider of rendering, recycling and recovery solutions to the U.S. food industry, said it plans to offer $250 million of its senior notes due 2018 in a private offering.
Darling said it plans to use the net proceeds of the notes offering to finance in part the cash portion of the purchase price to be paid in connection with the company's acquisition of Griffin Industries, Inc., a provider of rendering, bakery feed and cooking oil recycling services in the southeast United States.
Texas-based Darling recycles used restaurant cooking oil and by-products from the beef, pork and poultry processing industries into useable products such as tallow, feed-grade fats, meat and bone meal and hides.
The company’s products are primarily sold to agricultural, leather, oleo-chemical and bio-diesel manufacturers around the world. Darling also provides grease trap collection services and sells equipment to restaurants.
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