AGÕæÈ˹ٷ½

STOCK TITAN

[8-K] DARLING INGREDIENTS INC. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

UBS AG is offering $350,000 of unlisted Trigger Autocallable Contingent Yield Notes (principal amount $1,000 per Note) linked to the worst performer of Shift4 Payments (FOUR), Mastercard (MA) and Taiwan Semiconductor ADRs (TSM). The three-year Notes (trade: 27-Jun-2025; maturity: 30-Jun-2028) pay a contingent coupon of 11.25% p.a., assessed monthly and featuring a memory mechanism. A coupon is paid only if each underlying closes at or above its coupon barrier (60% of initial level) on the relevant observation date.

  • Automatic call: From month 13 onward, the Notes are redeemed at par plus accrued coupons if all underlyings are at or above their call threshold (100% of initial).
  • Maturity payoff: If not previously called and no Threshold Event occurs, investors receive par. A Threshold Event requires (i) each underlying below the upper barrier (100%) and (ii) any underlying below the downside threshold (60% of initial). If triggered, redemption equals par reduced by the worst underlying’s percentage loss, up to total loss of principal.
  • Estimated initial value: $959.00 (95.9% of issue price), reflecting distribution costs and UBS’s funding spread.
  • Distribution economics: UBS Securities receives a $2.50 underwriting discount and pays a $5.00 marketing fee per Note.
  • Risks: equity market risk in three names, credit risk of UBS, potential illiquidity (no exchange listing) and possibility of receiving no coupons.

The structure suits investors comfortable with concentration risk in the three underlyings, seeking high income and willing to accept full downside exposure below a 60% threshold.

UBS AG offre 350.000 dollari di Note Contingenti con Cedola Autocallable Trigger non quotate (importo nominale 1.000 dollari per Nota) collegate al peggior rendimento tra Shift4 Payments (FOUR), Mastercard (MA) e Taiwan Semiconductor ADRs (TSM). Le Note triennali (negoziazione: 27-giu-2025; scadenza: 30-giu-2028) pagano una cedola contingente dell'11,25% annuo, valutata mensilmente e con meccanismo di memoria. La cedola viene corrisposta solo se ciascun sottostante chiude alla o sopra la soglia della cedola (60% del livello iniziale) nella data di osservazione pertinente.

  • Richiamo automatico: Dal mese 13 in poi, le Note vengono rimborsate a valore nominale più le cedole maturate se tutti i sottostanti sono pari o superiori alla loro soglia di richiamo (100% del livello iniziale).
  • Pagamento a scadenza: Se non richiamate prima e non si verifica un Evento di Soglia, gli investitori ricevono il valore nominale. Un Evento di Soglia richiede (i) ogni sottostante sotto la barriera superiore (100%) e (ii) almeno un sottostante sotto la soglia di ribasso (60% del livello iniziale). Se attivato, il rimborso è pari al valore nominale ridotto della perdita percentuale del peggior sottostante, fino alla perdita totale del capitale.
  • Valore iniziale stimato: 959,00 dollari (95,9% del prezzo di emissione), che riflette i costi di distribuzione e lo spread di finanziamento di UBS.
  • Economia della distribuzione: UBS Securities riceve uno sconto di sottoscrizione di 2,50 dollari e paga una commissione di marketing di 5,00 dollari per Nota.
  • Rischi: rischio di mercato azionario su tre titoli, rischio di credito di UBS, potenziale illiquidità (assenza di quotazione in borsa) e possibilità di non ricevere cedole.

La struttura è adatta a investitori che accettano il rischio di concentrazione sui tre sottostanti, cercano un reddito elevato e sono disposti ad accettare un’esposizione completa al ribasso sotto la soglia del 60%.

UBS AG ofrece 350.000 dólares en Notas Contingentes Autollamables Trigger no cotizadas (importe nominal 1.000 dólares por Nota) vinculadas al peor desempeño entre Shift4 Payments (FOUR), Mastercard (MA) y Taiwan Semiconductor ADRs (TSM). Las Notas a tres años (comercio: 27-jun-2025; vencimiento: 30-jun-2028) pagan un cupón contingente del 11,25% anual, evaluado mensualmente y con mecanismo de memoria. Se paga cupón solo si cada subyacente cierra en o por encima de su barrera del cupón (60% del nivel inicial) en la fecha de observación correspondiente.

  • Llamada automática: Desde el mes 13 en adelante, las Notas se redimen a valor nominal más cupones acumulados si todos los subyacentes están en o por encima de su umbral de llamada (100% del nivel inicial).
  • Pago al vencimiento: Si no se llama previamente y no ocurre un Evento de Umbral, los inversores reciben el valor nominal. Un Evento de Umbral requiere (i) que cada subyacente esté por debajo de la barrera superior (100%) y (ii) que algún subyacente esté por debajo del umbral de caída (60% del nivel inicial). Si se activa, el reembolso es el valor nominal reducido por la pérdida porcentual del peor subyacente, hasta la pérdida total del principal.
  • Valor inicial estimado: 959,00 dólares (95,9% del precio de emisión), reflejando costos de distribución y el spread de financiamiento de UBS.
  • Economía de distribución: UBS Securities recibe un descuento de suscripción de 2,50 dólares y paga una comisión de marketing de 5,00 dólares por Nota.
  • Riesgos: riesgo de mercado de acciones en tres nombres, riesgo de crédito de UBS, posible iliquidez (sin cotización en bolsa) y posibilidad de no recibir cupones.

La estructura es adecuada para inversores cómodos con el riesgo de concentración en los tres subyacentes, que buscan altos ingresos y están dispuestos a aceptar una exposición total a la baja bajo un umbral del 60%.

UBS AGëŠ� Shift4 Payments(FOUR), Mastercard(MA), Taiwan Semiconductor ADRs(TSM) ì¤� 최저 성과ì—� ì—°ë™ë� 비ìƒìž� Trigger Autocallable ì¡°ê±´ë¶€ ìˆ˜ìµ ë…¸íŠ¸ 350,000달러(노트ë‹� 1,000달러 ì›ê¸ˆ)ë¥� 제공합니ë‹�. 3ë…� 만기 노트(거래ì�: 2025ë…� 6ì›� 27ì�; 만기: 2028ë…� 6ì›� 30ì�)ëŠ� ì—� 11.25% ì¡°ê±´ë¶€ ì¿ í°ì� 월별 í‰ê°€í•˜ë©° 메모ë¦� 메커니즘ì� í¬í•¨ë˜ì–´ 있습니다. ì¿ í°ì€ ê°� 기초ìžì‚°ì� 해당 관측ì¼ì—� ì¿ í° ìž¥ë²½(초기 수준ì� 60%) ì´ìƒìœ¼ë¡œ 마ê°í•� 경우ì—ë§Œ ì§€ê¸�ë©ë‹ˆë‹�.

  • ìžë™ ì½�: 13개월차부í„� 모든 기초ìžì‚°ì� ì½� 임계ì¹�(초기 수준ì� 100%) ì´ìƒì� 경우, 노트ëŠ� 액면가와 ëˆ„ì  ì¿ í°ê³� 함께 ìƒí™˜ë©ë‹ˆë‹�.
  • 만기 ì§€ê¸�: ì´ì „ì—� 콜ë˜ì§€ 않고 임계 ì´ë²¤íŠ¸ê°€ ë°œìƒí•˜ì§€ 않으ë©� 투ìžìžëŠ” ì•¡ë©´ê°€ë¥� 받습니다. 임계 ì´ë²¤íŠ¸ëŠ” (i) ê°� 기초ìžì‚°ì� ìƒí•œ 장벽(100%) 아래ì—� 있고 그리ê³� (ii) ì–´ë–¤ 기초ìžì‚°ì� 하한 임계ì¹�(초기 수준ì� 60%) ì´í•˜ì� ë•� ë°œìƒí•©ë‹ˆë‹�. ë°œë™ ì‹� ìƒí™˜ê¸ˆì€ ì•¡ë©´ê°€ì—서 최악ì� 기초ìžì‚° ì†ì‹¤ ë¹„ìœ¨ë§Œí¼ ì°¨ê°ë˜ì–´ ì›ê¸ˆ ì „ì•¡ ì†ì‹¤ê¹Œì§€ ë°œìƒí•� ìˆ� 있습니다.
  • 추정 초기 ê°€ì¹�: 959.00달러(발행가ì� 95.9%)ë¡� ë°°í¬ ë¹„ìš©ê³� UBSì� ìžê¸ˆ 조달 스프레드ë¥� ë°˜ì˜í•©ë‹ˆë‹�.
  • ë°°í¬ ê²½ì œì„�: UBS SecuritiesëŠ� 노트ë‹� 2.50달러 ì¸ìˆ˜ í• ì¸ê³� 5.00달러 마케íŒ� 수수료를 지급받습니ë‹�.
  • 위험: ì„� 종목ì� 주ì‹ì‹œìž¥ 위험, UBS ì‹ ìš© 위험, 유ë™ì„� ë¶€ì¡� 가능성(거래ì†� ìƒìž¥ ì—†ìŒ), ì¿ í° ë¯¸ì§€ê¸� 가능성.

ì� 구조ëŠ� ì„� 기초ìžì‚°ì—� 대í•� 집중 위험ì� ê°ìˆ˜í•� ìˆ� 있고, ë†’ì€ ìˆ˜ìµì� 추구하며 초기 수준 60% ì´í•˜ë¡� í•˜ë½ ì‹� ì „ì•¡ ì†ì‹¤ 가능성ì� ë°›ì•„ë“¤ì¼ íˆ¬ìžìžì—ê²� ì í•©í•©ë‹ˆë‹�.

UBS AG propose 350 000 $ de Notes à rendement conditionnel autocallables non cotées (montant nominal 1 000 $ par Note) liées à la moins bonne performance parmi Shift4 Payments (FOUR), Mastercard (MA) et Taiwan Semiconductor ADRs (TSM). Les Notes d’une durée de trois ans (négociation : 27 juin 2025 ; échéance : 30 juin 2028) versent un coupon conditionnel de 11,25 % par an, évalué mensuellement avec un mécanisme de mémoire. Un coupon est versé uniquement si chaque sous-jacent clôture à ou au-dessus de sa barrière de coupon (60 % du niveau initial) à la date d’observation concernée.

  • Rappel automatique : À partir du 13e mois, les Notes sont remboursées à leur valeur nominale plus les coupons courus si tous les sous-jacents sont au-dessus ou égaux à leur seuil de rappel (100 % du niveau initial).
  • Règlement à l’échéance : Si elles ne sont pas rappelées auparavant et qu’aucun événement de seuil ne survient, les investisseurs reçoivent la valeur nominale. Un événement de seuil nécessite (i) que chaque sous-jacent soit en dessous de la barrière supérieure (100 %) et (ii) qu’au moins un sous-jacent soit sous le seuil de baisse (60 % du niveau initial). Si déclenché, le remboursement correspond à la valeur nominale diminuée de la perte en pourcentage du sous-jacent le plus défavorisé, pouvant aller jusqu’Ã� la perte totale du capital.
  • Valeur initiale estimée : 959,00 $ (95,9 % du prix d’émission), reflétant les coûts de distribution et la marge de financement d’UBS.
  • Économie de distribution : UBS Securities reçoit une décote de souscription de 2,50 $ et verse une commission de marketing de 5,00 $ par Note.
  • Risques : risque de marché actions sur trois titres, risque de crédit d’UBS, possible illiquidité (absence de cotation en bourse) et possibilité de ne pas recevoir de coupons.

Cette structure convient aux investisseurs à l’aise avec le risque de concentration sur les trois sous-jacents, recherchant un revenu élevé et prêts à accepter une exposition totale à la baisse en dessous d’un seuil de 60 %.

UBS AG bietet unveröffentlichte Trigger Autocallable Contingent Yield Notes im Wert von 350.000 USD (Nennbetrag 1.000 USD pro Note) an, die an den schlechtesten Performer von Shift4 Payments (FOUR), Mastercard (MA) und Taiwan Semiconductor ADRs (TSM) gekoppelt sind. Die dreijährigen Notes (Handel: 27. Juni 2025; Fälligkeit: 30. Juni 2028) zahlen einen bedingten Kupon von 11,25% p.a., der monatlich bewertet wird und über einen Memory-Mechanismus verfügt. Ein Kupon wird nur gezahlt, wenn jeder Basiswert am relevanten Beobachtungstag auf oder über seiner Kupon-Schwelle (60% des Anfangswerts) ²õ³¦³ó±ô¾±±ðß³Ù.

  • Automatischer Rückruf: Ab Monat 13 werden die Notes zum Nennwert zuzüglich aufgelaufener Kupons zurückgezahlt, wenn alle Basiswerte auf oder über ihrer Rückruf-Schwelle (100% des Anfangswerts) liegen.
  • Auszahlung bei Fälligkeit: Wenn nicht vorher zurückgerufen und kein Schwellenereignis eintritt, erhalten Anleger den Nennwert. Ein Schwellenereignis erfordert (i) dass jeder Basiswert unter der oberen Schwelle (100%) liegt und (ii) mindestens ein Basiswert unter der Abwärts-Schwelle (60% des Anfangswerts) liegt. Wird es ausgelöst, entspricht die Rückzahlung dem Nennwert abzüglich des prozentualen Verlusts des schlechtesten Basiswerts, bis hin zum Totalverlust des Kapitals.
  • Geschätzter Anfangswert: 959,00 USD (95,9% des Ausgabepreises), unter Berücksichtigung von Vertriebskosten und UBS-Finanzierungsspread.
  • ³Õ±ð°ù³Ù°ù¾±±ð²ú²õ±ð°ù±ôö²õ±ð: UBS Securities erhält einen Underwriting-Rabatt von 2,50 USD und zahlt eine Marketinggebühr von 5,00 USD pro Note.
  • Risiken: Aktienmarktrisiko in drei Titeln, Kreditrisiko von UBS, mögliche Illiquidität (keine Börsennotierung) und Möglichkeit, keine Kupons zu erhalten.

Die Struktur eignet sich für Anleger, die mit Konzentrationsrisiken bei den drei Basiswerten vertraut sind, hohe Erträge anstreben und bereit sind, ein vollständiges Abwärtsrisiko unterhalb der 60%-Schwelle zu akzeptieren.

Positive
  • 11.25% per-annum contingent coupon with monthly memory feature offers high income relative to prevailing rates.
  • Automatic call at 100% of initial levels can shorten duration and enhance annualized return if markets remain strong.
  • Downside threshold set at 60% provides conditional principal protection in moderate drawdowns.
  • Underwriting discount low at $2.50 (0.25%), keeping frictional costs modest.
Negative
  • Full exposure to worst performer below 60% threshold can lead to 100% principal loss.
  • Coupon and principal protection require all three assets to remain above barriers, making payments sensitive to a single stock’s decline.
  • No exchange listing limits liquidity; investors rely on dealer bids.
  • Estimated fair value 4.1% below issue price, creating negative carry at inception.
  • UBS credit risk: payments depend on the issuer’s ability to meet obligations.

Insights

TL;DR: High 11.25% coupon and monthly memory look attractive, but 60% barrier plus UBS credit and liquidity risks create material downside.

The Notes offer double-digit contingent income with monthly compounding via the memory feature—generous for a three-year tenor. Requiring all assets to remain above 60% for coupons and protection is stringent given FOUR’s historical volatility. The call trigger at 100% may shorten duration, capping upside but limiting risk period. UBS priced the deal at 95.9% of par; the 4.1-point premium investors pay effectively covers distribution and issuer funding spread. Liquidity is limited to dealer bid—no listing—and mark-to-market could be volatile. From a credit standpoint, UBS senior unsecured debt is investment-grade, but noteholders remain general creditors. Overall, the risk-adjusted value skews neutral: attractive yield but meaningful probability of missed coupons and capital loss in a market drawdown.

TL;DR: Structure concentrates downside in the worst stock; coupon attractive yet conditional—suitable only for tactical, high-risk income sleeves.

Correlation dynamics matter: MA and TSM are mega-cap, relatively low beta, while FOUR is mid-cap, higher beta. FOUR’s sharp moves can single-handedly cancel coupons and trigger loss. The 60% threshold equates to a 40% drawdown—common in small-cap tech corrections. Probability analysis suggests ~25-30% chance of breaching the threshold over three years, implying expected loss outweighs coupon for conservative mandates. Lack of secondary liquidity could amplify mark-to-market stress. Investors must also model UBS credit spreads; widening could reduce bid levels even if underlyings hold up. Impact on diversified portfolios is modest—position sizing should reflect potential total loss.

UBS AG offre 350.000 dollari di Note Contingenti con Cedola Autocallable Trigger non quotate (importo nominale 1.000 dollari per Nota) collegate al peggior rendimento tra Shift4 Payments (FOUR), Mastercard (MA) e Taiwan Semiconductor ADRs (TSM). Le Note triennali (negoziazione: 27-giu-2025; scadenza: 30-giu-2028) pagano una cedola contingente dell'11,25% annuo, valutata mensilmente e con meccanismo di memoria. La cedola viene corrisposta solo se ciascun sottostante chiude alla o sopra la soglia della cedola (60% del livello iniziale) nella data di osservazione pertinente.

  • Richiamo automatico: Dal mese 13 in poi, le Note vengono rimborsate a valore nominale più le cedole maturate se tutti i sottostanti sono pari o superiori alla loro soglia di richiamo (100% del livello iniziale).
  • Pagamento a scadenza: Se non richiamate prima e non si verifica un Evento di Soglia, gli investitori ricevono il valore nominale. Un Evento di Soglia richiede (i) ogni sottostante sotto la barriera superiore (100%) e (ii) almeno un sottostante sotto la soglia di ribasso (60% del livello iniziale). Se attivato, il rimborso è pari al valore nominale ridotto della perdita percentuale del peggior sottostante, fino alla perdita totale del capitale.
  • Valore iniziale stimato: 959,00 dollari (95,9% del prezzo di emissione), che riflette i costi di distribuzione e lo spread di finanziamento di UBS.
  • Economia della distribuzione: UBS Securities riceve uno sconto di sottoscrizione di 2,50 dollari e paga una commissione di marketing di 5,00 dollari per Nota.
  • Rischi: rischio di mercato azionario su tre titoli, rischio di credito di UBS, potenziale illiquidità (assenza di quotazione in borsa) e possibilità di non ricevere cedole.

La struttura è adatta a investitori che accettano il rischio di concentrazione sui tre sottostanti, cercano un reddito elevato e sono disposti ad accettare un’esposizione completa al ribasso sotto la soglia del 60%.

UBS AG ofrece 350.000 dólares en Notas Contingentes Autollamables Trigger no cotizadas (importe nominal 1.000 dólares por Nota) vinculadas al peor desempeño entre Shift4 Payments (FOUR), Mastercard (MA) y Taiwan Semiconductor ADRs (TSM). Las Notas a tres años (comercio: 27-jun-2025; vencimiento: 30-jun-2028) pagan un cupón contingente del 11,25% anual, evaluado mensualmente y con mecanismo de memoria. Se paga cupón solo si cada subyacente cierra en o por encima de su barrera del cupón (60% del nivel inicial) en la fecha de observación correspondiente.

  • Llamada automática: Desde el mes 13 en adelante, las Notas se redimen a valor nominal más cupones acumulados si todos los subyacentes están en o por encima de su umbral de llamada (100% del nivel inicial).
  • Pago al vencimiento: Si no se llama previamente y no ocurre un Evento de Umbral, los inversores reciben el valor nominal. Un Evento de Umbral requiere (i) que cada subyacente esté por debajo de la barrera superior (100%) y (ii) que algún subyacente esté por debajo del umbral de caída (60% del nivel inicial). Si se activa, el reembolso es el valor nominal reducido por la pérdida porcentual del peor subyacente, hasta la pérdida total del principal.
  • Valor inicial estimado: 959,00 dólares (95,9% del precio de emisión), reflejando costos de distribución y el spread de financiamiento de UBS.
  • Economía de distribución: UBS Securities recibe un descuento de suscripción de 2,50 dólares y paga una comisión de marketing de 5,00 dólares por Nota.
  • Riesgos: riesgo de mercado de acciones en tres nombres, riesgo de crédito de UBS, posible iliquidez (sin cotización en bolsa) y posibilidad de no recibir cupones.

La estructura es adecuada para inversores cómodos con el riesgo de concentración en los tres subyacentes, que buscan altos ingresos y están dispuestos a aceptar una exposición total a la baja bajo un umbral del 60%.

UBS AGëŠ� Shift4 Payments(FOUR), Mastercard(MA), Taiwan Semiconductor ADRs(TSM) ì¤� 최저 성과ì—� ì—°ë™ë� 비ìƒìž� Trigger Autocallable ì¡°ê±´ë¶€ ìˆ˜ìµ ë…¸íŠ¸ 350,000달러(노트ë‹� 1,000달러 ì›ê¸ˆ)ë¥� 제공합니ë‹�. 3ë…� 만기 노트(거래ì�: 2025ë…� 6ì›� 27ì�; 만기: 2028ë…� 6ì›� 30ì�)ëŠ� ì—� 11.25% ì¡°ê±´ë¶€ ì¿ í°ì� 월별 í‰ê°€í•˜ë©° 메모ë¦� 메커니즘ì� í¬í•¨ë˜ì–´ 있습니다. ì¿ í°ì€ ê°� 기초ìžì‚°ì� 해당 관측ì¼ì—� ì¿ í° ìž¥ë²½(초기 수준ì� 60%) ì´ìƒìœ¼ë¡œ 마ê°í•� 경우ì—ë§Œ ì§€ê¸�ë©ë‹ˆë‹�.

  • ìžë™ ì½�: 13개월차부í„� 모든 기초ìžì‚°ì� ì½� 임계ì¹�(초기 수준ì� 100%) ì´ìƒì� 경우, 노트ëŠ� 액면가와 ëˆ„ì  ì¿ í°ê³� 함께 ìƒí™˜ë©ë‹ˆë‹�.
  • 만기 ì§€ê¸�: ì´ì „ì—� 콜ë˜ì§€ 않고 임계 ì´ë²¤íŠ¸ê°€ ë°œìƒí•˜ì§€ 않으ë©� 투ìžìžëŠ” ì•¡ë©´ê°€ë¥� 받습니다. 임계 ì´ë²¤íŠ¸ëŠ” (i) ê°� 기초ìžì‚°ì� ìƒí•œ 장벽(100%) 아래ì—� 있고 그리ê³� (ii) ì–´ë–¤ 기초ìžì‚°ì� 하한 임계ì¹�(초기 수준ì� 60%) ì´í•˜ì� ë•� ë°œìƒí•©ë‹ˆë‹�. ë°œë™ ì‹� ìƒí™˜ê¸ˆì€ ì•¡ë©´ê°€ì—서 최악ì� 기초ìžì‚° ì†ì‹¤ ë¹„ìœ¨ë§Œí¼ ì°¨ê°ë˜ì–´ ì›ê¸ˆ ì „ì•¡ ì†ì‹¤ê¹Œì§€ ë°œìƒí•� ìˆ� 있습니다.
  • 추정 초기 ê°€ì¹�: 959.00달러(발행가ì� 95.9%)ë¡� ë°°í¬ ë¹„ìš©ê³� UBSì� ìžê¸ˆ 조달 스프레드ë¥� ë°˜ì˜í•©ë‹ˆë‹�.
  • ë°°í¬ ê²½ì œì„�: UBS SecuritiesëŠ� 노트ë‹� 2.50달러 ì¸ìˆ˜ í• ì¸ê³� 5.00달러 마케íŒ� 수수료를 지급받습니ë‹�.
  • 위험: ì„� 종목ì� 주ì‹ì‹œìž¥ 위험, UBS ì‹ ìš© 위험, 유ë™ì„� ë¶€ì¡� 가능성(거래ì†� ìƒìž¥ ì—†ìŒ), ì¿ í° ë¯¸ì§€ê¸� 가능성.

ì� 구조ëŠ� ì„� 기초ìžì‚°ì—� 대í•� 집중 위험ì� ê°ìˆ˜í•� ìˆ� 있고, ë†’ì€ ìˆ˜ìµì� 추구하며 초기 수준 60% ì´í•˜ë¡� í•˜ë½ ì‹� ì „ì•¡ ì†ì‹¤ 가능성ì� ë°›ì•„ë“¤ì¼ íˆ¬ìžìžì—ê²� ì í•©í•©ë‹ˆë‹�.

UBS AG propose 350 000 $ de Notes à rendement conditionnel autocallables non cotées (montant nominal 1 000 $ par Note) liées à la moins bonne performance parmi Shift4 Payments (FOUR), Mastercard (MA) et Taiwan Semiconductor ADRs (TSM). Les Notes d’une durée de trois ans (négociation : 27 juin 2025 ; échéance : 30 juin 2028) versent un coupon conditionnel de 11,25 % par an, évalué mensuellement avec un mécanisme de mémoire. Un coupon est versé uniquement si chaque sous-jacent clôture à ou au-dessus de sa barrière de coupon (60 % du niveau initial) à la date d’observation concernée.

  • Rappel automatique : À partir du 13e mois, les Notes sont remboursées à leur valeur nominale plus les coupons courus si tous les sous-jacents sont au-dessus ou égaux à leur seuil de rappel (100 % du niveau initial).
  • Règlement à l’échéance : Si elles ne sont pas rappelées auparavant et qu’aucun événement de seuil ne survient, les investisseurs reçoivent la valeur nominale. Un événement de seuil nécessite (i) que chaque sous-jacent soit en dessous de la barrière supérieure (100 %) et (ii) qu’au moins un sous-jacent soit sous le seuil de baisse (60 % du niveau initial). Si déclenché, le remboursement correspond à la valeur nominale diminuée de la perte en pourcentage du sous-jacent le plus défavorisé, pouvant aller jusqu’Ã� la perte totale du capital.
  • Valeur initiale estimée : 959,00 $ (95,9 % du prix d’émission), reflétant les coûts de distribution et la marge de financement d’UBS.
  • Économie de distribution : UBS Securities reçoit une décote de souscription de 2,50 $ et verse une commission de marketing de 5,00 $ par Note.
  • Risques : risque de marché actions sur trois titres, risque de crédit d’UBS, possible illiquidité (absence de cotation en bourse) et possibilité de ne pas recevoir de coupons.

Cette structure convient aux investisseurs à l’aise avec le risque de concentration sur les trois sous-jacents, recherchant un revenu élevé et prêts à accepter une exposition totale à la baisse en dessous d’un seuil de 60 %.

UBS AG bietet unveröffentlichte Trigger Autocallable Contingent Yield Notes im Wert von 350.000 USD (Nennbetrag 1.000 USD pro Note) an, die an den schlechtesten Performer von Shift4 Payments (FOUR), Mastercard (MA) und Taiwan Semiconductor ADRs (TSM) gekoppelt sind. Die dreijährigen Notes (Handel: 27. Juni 2025; Fälligkeit: 30. Juni 2028) zahlen einen bedingten Kupon von 11,25% p.a., der monatlich bewertet wird und über einen Memory-Mechanismus verfügt. Ein Kupon wird nur gezahlt, wenn jeder Basiswert am relevanten Beobachtungstag auf oder über seiner Kupon-Schwelle (60% des Anfangswerts) ²õ³¦³ó±ô¾±±ðß³Ù.

  • Automatischer Rückruf: Ab Monat 13 werden die Notes zum Nennwert zuzüglich aufgelaufener Kupons zurückgezahlt, wenn alle Basiswerte auf oder über ihrer Rückruf-Schwelle (100% des Anfangswerts) liegen.
  • Auszahlung bei Fälligkeit: Wenn nicht vorher zurückgerufen und kein Schwellenereignis eintritt, erhalten Anleger den Nennwert. Ein Schwellenereignis erfordert (i) dass jeder Basiswert unter der oberen Schwelle (100%) liegt und (ii) mindestens ein Basiswert unter der Abwärts-Schwelle (60% des Anfangswerts) liegt. Wird es ausgelöst, entspricht die Rückzahlung dem Nennwert abzüglich des prozentualen Verlusts des schlechtesten Basiswerts, bis hin zum Totalverlust des Kapitals.
  • Geschätzter Anfangswert: 959,00 USD (95,9% des Ausgabepreises), unter Berücksichtigung von Vertriebskosten und UBS-Finanzierungsspread.
  • ³Õ±ð°ù³Ù°ù¾±±ð²ú²õ±ð°ù±ôö²õ±ð: UBS Securities erhält einen Underwriting-Rabatt von 2,50 USD und zahlt eine Marketinggebühr von 5,00 USD pro Note.
  • Risiken: Aktienmarktrisiko in drei Titeln, Kreditrisiko von UBS, mögliche Illiquidität (keine Börsennotierung) und Möglichkeit, keine Kupons zu erhalten.

Die Struktur eignet sich für Anleger, die mit Konzentrationsrisiken bei den drei Basiswerten vertraut sind, hohe Erträge anstreben und bereit sind, ein vollständiges Abwärtsrisiko unterhalb der 60%-Schwelle zu akzeptieren.

TX false 0000916540 0000916540 2025-06-18 2025-06-18
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) June 18, 2025

 

 

DARLING INGREDIENTS INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-13323   36-2495346

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

  5601 N. MACARTHUR BLVD., IRVING, TEXAS   75038
  (Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (972) 717-0300

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common stock $0.01 par value per share   DAR  

New York Stock Exchange (“NYSE”)

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 8.01.

Other Events.

Offering of Senior Notes. On June 18, 2025, Darling Ingredients Inc. (“Darling”) issued a press release announcing that Darling Global Finance B.V., an indirect, wholly owned subsidiary of Darling incorporated as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of The Netherlands, priced an offering of €750 million in aggregate principal amount of its 4.5% senior notes due 2032 (the “notes”). The notes priced at 100% of the principal amount. Settlement of the offering is expected to occur on or about June 24, 2025, subject to satisfaction of customary closing conditions. A copy of the press release announcing the pricing of the offering is attached hereto as Exhibit 99.1.

Cautionary Statements Regarding Forward-Looking Information:

This Current Report and Exhibit 99.1 includes “forward-looking statements,” which include information concerning potential refinancing transactions that Darling may enter into and other information that is not historical information. When used in this Current Report and Exhibit 99.1, the words “expected,” “intends” and “will” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon Darling’s current expectations and beliefs and various assumptions. There can be no assurance that Darling will realize these expectations or that these beliefs will prove correct. There are risks and uncertainties, many of which are outside of Darling’s control, that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These include factors that could preclude Darling from closing the proposed refinancing transactions or realizing the anticipated benefits of the proposed refinancing transactions such as changes in interest rates and the effect of hedging on the cost of our floating rate debt, entry into an amended and restated credit agreement for the proposed senior secured credit facilities and the satisfaction of conditions to the refinancing transactions. Other risk factors include those that are discussed in Darling’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and Darling undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

99.1    Press Release dated June 18, 2025, announcing the pricing of an offering of €750 million senior notes by Darling Global Finance B.V.
104    Cover Page Interactive Data File (embedded within Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    DARLING INGREDIENTS INC.
Date: June 18, 2025     By:  

/s/ John F. Sterling

      John F. Sterling
      Executive Vice President – General Counsel and Secretary

FAQ

What is the contingent coupon rate on the UBS Trigger Autocallable Notes?

The Notes offer a contingent coupon of 11.25% per annum, paid monthly if all underlyings are at or above their 60% coupon barriers.

When can the Notes be automatically called?

Starting 12 months after settlement, UBS will automatically call the Notes on any monthly observation date when each underlying is at or above its initial level (100%).

What happens at maturity if a Threshold Event occurs?

If a Threshold Event occurs, redemption equals par minus the worst underlying’s percentage decline, exposing investors to full downside up to total loss.

How is the initial value of $959 calculated?

UBS’s internal models determine the estimated initial value, reflecting its funding rate and hedging costs; it is 95.9% of the $1,000 issue price.

Are the Notes protected by FDIC insurance?

No. The Notes are unsecured, unsubordinated obligations of UBS and are not insured by the FDIC or any governmental agency.

Can I sell the Notes before maturity?

They are not exchange-listed; secondary sales depend on dealer bids and may be at prices well below the issue price.
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