UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)(1)
Darling International Inc.
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(Name of Issuer)
Common Stock, $0.01 par value per share
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(Title of Class of Securities)
237266101
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(CUSIP Number)
Stuart J. Lissner, Managing Director
PPM America, Inc.
225 West Wacker Drive, Suite 1200
Chicago, IL 60606
Telephone: (312) 634-2501
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 9, 2003
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box [ ].
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
(Continued on following pages)
(Page 1 of 11 Pages)
SCHEDULE 13D
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CUSIP No. 237266101 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM America Special Investments Fund,
L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES None.
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 4,644,984 shares
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
4,644,984 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,644,984 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
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CUSIP No. 237266101 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON: PPM America Fund Management GP, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES None.
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 4,644,984 shares(1)
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
4,644,984 shares(1)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,644,984 shares(1)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON
CO
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(1) All of the shares of Darling International Inc. common stock covered by
this report are owned beneficially by PPM America Special Investments Fund,
L.P. ("SIF I"), and none are owned directly or indirectly by PPM America Fund
Management GP, Inc. ("SIF I GP"). SIF I GP is the general partner of SIF I. As
permitted by Rule 13d-4, the filing of this statement shall not be construed
as an admission that SIF I GP is the beneficial owner of any of the securities
covered by this statement.
SCHEDULE 13D
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CUSIP No. 237266101 13D Page 4 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM America Special Investments
CBO II, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES None.
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 2,939,825 shares
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
2,939,825 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,939,825 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
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14 TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
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CUSIP No. 237266101 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM America CBO II Management Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 2,939,825 shares(2)
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
0
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
2,939,825(2)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,939,825 shares(2)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
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14 TYPE OF REPORTING PERSON
PN
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(2) All of the shares of Darling International Inc. common stock covered by
this report are owned beneficially by PPM America Special Investments CBO II,
L.P. ("CBO II"), and none are owned directly or indirectly by PPM America CBO
II Management Company ("CBO II GP"). CBO II GP is the general partner of CBO
II. As permitted by Rule 13d-4, the filing of this statement shall not be
construed as an admission that CBO II GP is the beneficial owner of any of the
securities covered by this statement.
SCHEDULE 13D
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CUSIP No. 237266101 13D Page 6 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM MGP (Bermuda), Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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SOLE VOTING POWER
NUMBER OF 7
SHARES None
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 3,257,623 shares(3)
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None.
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SHARED DISPOSITIVE POWER
10
3,257,623 shares(3)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,257,623 shares(3)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON
CO
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(3) 317,798 shares of Darling International Inc. common stock covered by this
report are held by Daple S.A., a company incorporated with limited liability
under the laws of Luxembourg ("Daple"). PPM America, Inc. and PPM MGP
(Bermuda), Ltd., a company organized under the laws of Bermuda ("PPM Bermuda
"), are each the beneficial owners of such securities for purposes of Rule
13d-3, as Daple has delegated all power to vote and to acquire and dispose of
such securities to PPM America, Inc. pursuant to an Investment Advisory
Agreement and to PPM Bermuda pursuant to a Special Investment Management
Agreement. 2,939,825 shares of Darling International Inc. common stock covered
by this report are owned beneficially by CBO II, and none of such securities
are owned directly or indirectly by PPM Bermuda. PPM Bermuda is the managing
general partner of CBO II GP. As permitted by Rule 13d-4, the filing of this
statement shall not be construed as an admission that PPM Bermuda is the
beneficial owner of any of the securities owned beneficially by CBO II.
SCHEDULE 13D
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CUSIP No. 237266101 13D Page 7 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM America, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 7,902,607 shares(4)
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None.
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
7,902,607 shares(4)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,902,607 shares(4)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
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14 TYPE OF REPORTING PERSON
CO
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(4) 7,584,809 of the shares of Darling International Inc. common stock covered
by this report are owned beneficially by SIF I and CBO II, and none of such
securities are owned directly or indirectly by PPM America, Inc. PPM America,
Inc. is the investment manager/adviser of each of SIF I and CBO II. As
permitted by Rule 13d-4, the filing of this statement shall not be construed
as an admission that PPM America, Inc. is the beneficial owner of such the
securities owned beneficially by SIF I and CBO II. 317,798 of the shares of
Darling International Inc. common stock covered by this report are held by
Daple. PPM America, Inc. and PPM Bermuda are each the beneficial owners of
such securities for purposes of Rule 13d-3, as Daple has delegated all power
to vote and to acquire and dispose of such securities to PPM America, Inc.
pursuant to an Investment Advisory Agreement and to PPM Bermuda pursuant to a
Special Investment Management Agreement.
SCHEDULE 13D
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CUSIP No. 237266101 13D Page 8 of 11 Pages
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1 NAME OF REPORTING PERSONS: PPM Holdings, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) |_|
(b) |X|
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
SHARES None.
BENEFICIALLY -----------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 8
REPORTING 7,902,607 shares(5)
PERSON -----------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
None.
-----------------------------------------------
SHARED DISPOSITIVE POWER
10
7,902,607 shares(5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,902,607 shares(5)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
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14 TYPE OF REPORTING PERSON
CO
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(5) All of the shares of Darling International Inc. common stock covered by
this report are owned beneficially by SIF I, CBO II, or by PPM America, Inc.
and PPM Bermuda (on behalf of Daple). Each of PPM America, Inc., PPM Bermuda,
SIF I GP and CBO II GP are subsidiaries of PPM Holdings, Inc. As permitted by
Rule 13d-4, the filing of this statement shall not be construed as an
admission that PPM Holdings, Inc. is the beneficial owner of any of the
securities covered by this statement.
Pursuant to Rule 13d-2(a) of Regulation 13D-G of the General Rules
and Regulations under the Securities and Exchange Act of 1934, as amended, the
undersigned hereby amend their Schedule 13D Statement dated May 22, 2002 (the
"Schedule 13D"), as amended on November 5, 2002, January 17, 2003, March 19,
2003 and August 13, 2003 relating to the Common Stock, par value $.01 per
share, of Darling International Inc. (the "Issuer"). Unless otherwise
indicated, any defined term used herein shall have the meaning given to such
term in the Schedule 13D.
Item 1. Security and Issuer.
No Amendment.
Item 2. Identity and Background.
No Amendment.
Item 3. Source and Amount of Funds or Other Consideration.
No Amendment.
Item 4. Purpose of Transaction.
No Amendment.
Item 5. Interest in Securities of the Issuer.
Item 5(a), (b) and (c) is hereby amended and restated as follows:
(a) and (b) SIF I is the beneficial owner of 4,644,984 shares
of Common Stock, representing approximately 7.5% of the Issuer's outstanding
Common Stock. SIF I shares voting and dispositive power over these shares with
SIF I GP who, as the general partner of SIF I, may be deemed to be the
beneficial owner of those shares beneficially owned by SIF I. CBO II is the
beneficial owner of 2,939,825 shares of Common Stock, representing
approximately 4.7% of the Issuer's outstanding Common Stock. CBO II shares
voting and dispositive power over these shares with CBO II GP, who, as the
general partner of CBO II, may be deemed to be the beneficial owner of those
shares beneficially owned by CBO II.
317,798 shares of Common Stock, representing approximately .51% of
the outstanding Common Stock, are held by Daple. PPM America, Inc. and PPM
Bermuda are each the beneficial owners of such securities for purposes of Rule
13d-3, as Daple has delegated all power to vote and to acquire and dispose of
such securities to PPM America, Inc. pursuant to an Investment Advisory
Agreement and to PPM Bermuda pursuant to a Special Investment Management
Agreement. Therefore, PPM America and PPM Bermuda share voting and dispositive
power over these shares. In addition, PPM Bermuda, as the general partner of
CBO II, may also be deemed to be the beneficial owner of 2,939,825 shares of
Common Stock, representing approximately 4.7% of the outstanding Common Stock,
and PPM America, as investment manager/adviser to SIF I and CBO II, may also
be deemed to be the beneficial owner of 7,584,809 shares of Common Stock,
representing approximately 12.2% of the outstanding Common Stock. Holdings, as
the parent company of SIF I, CBO II, PPM America and PPM Bermuda may be deemed
to be the beneficial owner of 7,902,607 shares of Common Stock, representing
approximately 12.7% of the outstanding Common Stock. All percentages set forth
in this amendment to the Schedule 13D are based upon the Issuer's reported
62,325,368 outstanding shares of Common Stock as of August 7, 2003, as
reported in the Issuer's Form 10-Q for the quarter ended June 28, 2003.
(c) The following transactions in the Common Stock were
effected by the Reporting Persons during the sixty (60) days preceding the
date of this report. All of such transactions represent open market
transactions:
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Reporting Person Date of Disposition Number of Shares Sold Price per Share
---------------- ------------------- --------------------- ---------------
PPM America Special Investments August 12, 2003 2,938,893 $2.25
Fund, L.P.
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PPM America Special Investments August 12, 2003 1,860,036 $2.25
CBO II, L.P.
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PPM MGP (Bermuda), Ltd./PPM August 12, 2003 201,071 $2.25
America, Inc. (on behalf of Daple)
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PPM America Special Investments September 9, 2003 2,938,893 $2.40
Fund, L.P.
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PPM America Special Investments September 9, 2003 1,860,036 $2.40
CBO II, L.P.
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PPM MGP (Bermuda), Ltd./PPM September 9, 2003 201,071 $2.40
America, Inc. (on behalf of Daple)
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Item 6. Contracts, Arrangements, Understanding or Relationships
With Respect To Securities Of The Issuer.
No Amendment.
Item 7. Material to be Filed as Exhibits.
No Amendment.
Signature
After reasonable inquiry and to the best of the undersigneds'
knowledge and belief, each of the undersigned certifies that the information
set forth in this statement is true, complete and correct.
Dated: September 10, 2003
PPM AMERICA SPECIAL INVESTMENTS PPM AMERICA SPECIAL INVESTMENTS
FUND, L.P. CBO II, L.P.
By: PPM America, Inc. By: PPM America, Inc.
As Attorney-in-Fact As Attorney-in-Fact
By: /s/ Brian Schinderle By: /s/ Brian Schinderle
------------------------------ -----------------------------
Brian Schinderle Brian Schinderle
Senior Managing Director Senior Managing Director
PPM AMERICA FUND MANAGEMENT PPM AMERICA, INC.
GP, INC.
By: /s/ Brian Schinderle By: /s/ Brian Schinderle
------------------------------- ------------------------------
Brian Schinderle Brian Schinderle
Senior Vice President Senior Managing Director
PPM AMERICA CBO II MANAGEMENT PPM MGP (BERMUDA), LTD.
COMPANY
By: PPM MGP (Bermuda), Ltd. By: /s/ Brian Schinderle
Its: Managing General Partner -----------------------------
Brian Schinderle
Senior Vice President
By: /s/ Brian Schinderle
-------------------------------
Brian Schinderle
Senior Vice President
PPM HOLDINGS, INC.
By: /s/ Mark Mandich
-------------------------------
Mark Mandich
Chief Operating Officer and Executive Vice
President
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be riled
with the statement, provided, however, that a power of attorney for this
purpose which is already on file with the Commission may be incorporated by
reference.
The name and any title of each person who signs the statement shall
be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).