|
Delaware
|
000-24620
|
|
36-2495346
|
|||||
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
|||||
|
Item
1.01
|
Entry
into a Material Definitive Agreement.
On
October 8, 2008, 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 (the “Credit
Agreement”).
The
Amendment increases the Company’s flexibility to make investments in third
parties. Pursuant to the Amendment, the Company can make
investments in third parties provided that (i) no default under the Credit
Agreement exists or would result at the time such investment is committed
to be made, (ii) certain specified defaults do not exist or would result
at the time such investment is actually made, and (iii) after giving pro
forma effect to such investment, the leverage ratio (as determined in
accordance with the terms of the Credit Agreement) is less than 2.00 to
1.00 for the most recent four (4) fiscal quarter period then
ended. In addition, the Amendment increases the amount of
intercompany investments permitted among the Company and any of its
subsidiaries that are not parties to the Credit Agreement from $2.0
million to $10.0 million.
As
of October 8, 2008, 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 June 28, 2008, the Company had $44.6 million of
unrestricted cash and $41.25 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.
A
copy of the press release announcing the Amendment is attached hereto as
Exhibit 99.1 and is incorporated herein by
reference. . |
|
Item
9.01
|
Financial
Statements and Exhibits.
|
|
(d)
|
Exhibits
|
|
10.1
|
Second
Amendment to Credit Agreement dated as of October 8, 2008, by and
among
Darling International Inc., as borrower, various
lending institutuions party thereto
and JPMorgan Chase Bank, N.A..
|
|
| 99.1 | Press Release dated October 9, 2008. |
|
|
10.1
|
Second
Amendment to Credit Agreement dated as of October 8, 2008, by and
among
Darling International Inc., as borrower, various
lending institutuions party thereto
and JPMorgan Chase Bank,
N.A..
|
|
|
99.1
|
Press
Release dated October
9, 2008.
|