Darling announces stock offering
Jan. 24, 2011
by Meat&Poultry Staff
IRVING, Texas – Darling International Inc., a provider of rendering and recycling services to the food industry, intends to offer 24,193,548 shares of its common stock in an underwritten public offering. Darling and certain former stockholders of Griffin Industries Inc. may also grant the underwriters a 30-day option to purchase from them up to 3,629,032 additional shares of Darling common stock to cover over-allotments, if any.
Darling intends to use the net proceeds from the offering to repay a portion of the outstanding balance under its credit facility and for general corporate purposes. The repayment of such indebtedness will provide Darling with additional debt capacity and cash from operations to use in its previously announced renewable green diesel joint venture with Valero Energy Corporation. Darling will not receive any proceeds from the sale of shares by former stockholders of Griffin.
The shares will be issued pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's Web site, http://www.sec.gov
Darling International Inc. is the nation's largest and only publicly traded provider of rendering and bakery waste recycling solutions to the nation's food industry. It recycles beef, pork and poultry waste streams into useable ingredients such as tallow, feed-grade fats, meat and bone meal, poultry meal and hides.