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Delaware |
000-24620 |
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36-2495346 |
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(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
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Item 1.01 |
Entry into a Material Definitive Agreement.
On September 30, 2009, Darling International Inc., a Delaware corporation (the “Company”), entered into an amendment (the “Amendment”) with its lenders under its Credit Agreement, dated as of April 7, 2006, by and among the Company, as borrower, the lenders signatory thereto from time to time, and JPMorgan Chase
Bank, N.A., as administrative agent (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
The Amendment (i) extends the maturity date of the revolving credit facility under the Credit Agreement from April 7, 2011 to April 7, 2013, (ii) revises the pricing schedule with respect to letter of credit fees and interest rates payable by the Company and amends certain definitions in connection therewith, (iii) permits the issuance of
new unsecured indebtedness and amends and adds certain definitions in connection therewith, and (iv) amends certain provisions with respect to the defaulting lender concept in the Credit Agreement. Pursuant to the Amendment, the Company can issue new unsecured indebtedness provided that (i) no default under the Credit Agreement exists or would result from the incurrence of such new unsecured indebtedness, (ii) the amount of such new unsecured indebtedness does not exceed $150 million at any time
outstanding, and (iii) after giving pro forma effect to such incurrence of new unsecured indebtedness, the Company is in compliance with the fixed charge coverage ratio and the leverage ratio (as determined in accordance with the terms of the Credit Agreement).
As of September 30, 2009, the Company was in compliance with all of the covenants contained in the Credit Agreement and there were no outstanding borrowings under the revolving credit facility provided for in the Credit Agreement. At September 30, 2009, the Company had $33.75 million of long term debt outstanding.
The summary set forth above is not intended to be complete and is qualified in its entirety by reference to the full text of the Amendment attached hereto as Exhibit 10.1.
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Item 9.01. |
Financial Statements and Exhibits. |
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10.1 |
Third Amendment to Credit Agreement, dated as of September 30, 2009, by and among Darling International Inc., as borrower, various lending institutions party thereto and JPMorgan Chase Bank, N.A. |
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DARLING INTERNATIONAL INC. |
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Date: October 2, 2009 |
By: |
/s/ John F. Sterling |
| John F. Sterling | ||
| Executive Vice President and | ||
| General Counsel |
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10.1 |
Third Amendment to Credit Agreement, dated as of September 30, 2009, by and among Darling International Inc., as borrower, various lending institutions party thereto and JPMorgan Chase Bank, N.A. |