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| DAR > SEC Filings for DAR > Form 8-K on 10-Oct-2008 | All Recent SEC Filings |
10-Oct-2008
Entry into a Material Definitive Agreement, Financial Statements and Ex
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.
.
(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.
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