Bunge Limited Finance Corp. Announces Extension of Exchange Offers
Bunge Global SA (NYSE: BG) announced that its subsidiary, Bunge Finance Corp., has extended the expiration date of its exchange offers for Viterra Finance B.V.'s outstanding notes to January 2, 2025. The exchange offers involve up to $1.95 billion aggregate principal amount of new notes to be issued by BLFC and guaranteed by Bunge. The extension is related to Bunge's pending acquisition of Viterra, expected to close in the next several months pending regulatory approvals. Current tender participation rates are high, ranging from 94.4% to 99.3% across different note series.
Bunge Global SA (NYSE: BG) ha annunciato che la sua filiale, Bunge Finance Corp., ha prorogato la data di scadenza delle sue offerte di scambio per i titoli in circolazione di Viterra Finance B.V. al 2 gennaio 2025. Le offerte di scambio riguardano fino a 1,95 miliardi di dollari di importo principale aggregato di nuovi titoli che saranno emessi da BLFC e garantiti da Bunge. L'estensione è collegata all'acquisizione in sospeso di Viterra da parte di Bunge, che dovrebbe chiudere nei prossimi mesi, in attesa delle approvazioni normative. I tassi di partecipazione attuali alle offerte sono elevati, variando dal 94,4% al 99,3% tra le diverse serie di titoli.
Bunge Global SA (NYSE: BG) anunció que su filial, Bunge Finance Corp., ha extendido la fecha de vencimiento de sus ofertas de intercambio para los bonos en circulación de Viterra Finance B.V. hasta el 2 de enero de 2025. Las ofertas de intercambio implican hasta 1.95 mil millones de dólares en monto principal agregado de nuevos bonos que serán emitidos por BLFC y garantizados por Bunge. La extensión está relacionada con la adquisición pendiente de Viterra por parte de Bunge, que se espera cierre en los próximos meses, a la espera de aprobaciones regulatorias. Las tasas de participación en las ofertas actuales son altas, variando del 94.4% al 99.3% en las diferentes series de bonos.
부엥 글로벌 SA (NYSE: BG)는 자회사인 부엥 파이낸스 코퍼레이션이 비테라 파이낸스 B.V.의 미상환 채권에 대한 교환 제안의 만료 날짜를 2025년 1월 2일로 연장했다고 발표했습니다. 교환 제안은 BLFC가 발행하고 부엥이 보증하는 새로운 채권에 대해 최대 19억 5천만 달러의 총 원금 금액이 포함됩니다. 이번 연장은 부엥의 비테라 인수와 관련이 있으며, 규제 승인을 기다리며 다음 몇 달 내에 완료될 것으로 예상됩니다. 현재의 입찰 참여율은 94.4%에서 99.3%까지 다양한 채권 시리즈에 걸쳐 높습니다.
Bunge Global SA (NYSE: BG) a annoncé que sa filiale, Bunge Finance Corp., a prolongé la date d'expiration de ses offres d'échange pour les obligations en circulation de Viterra Finance B.V. jusqu'au 2 janvier 2025. Les offres d'échange concernent jusqu'à 1,95 milliard de dollars en montant principal agrégé de nouvelles obligations qui seront émises par BLFC et garanties par Bunge. Cette prolongation est liée à l'acquisition en cours de Viterra par Bunge, qui devrait être finalisée dans les mois à venir, sous réserve d'approbations réglementaires. Les taux de participation actuels aux offres sont élevés, variant de 94,4 % à 99,3 % selon les différentes séries d'obligations.
Bunge Global SA (NYSE: BG) gab bekannt, dass ihre Tochtergesellschaft, Bunge Finance Corp., das Ablaufdatum ihrer Tauschangebote für die ausstehenden Anleihen von Viterra Finance B.V. auf den 2. Januar 2025 verlängert hat. Die Tauschangebote betreffen bis zu 1,95 Milliarden Dollar an Gesamtnennbetrag neuer Anleihen, die von BLFC ausgegeben und von Bunge garantiert werden. Die Verlängerung steht im Zusammenhang mit der bevorstehenden Übernahme von Viterra durch Bunge, die in den nächsten Monaten nach Erhalt der aufsichtsrechtlichen Genehmigungen abgeschlossen werden soll. Die aktuellen Teilnahmequoten liegen hoch, zwischen 94,4 % und 99,3 % bei den verschiedenen Anleiheserien.
- High participation rates in note exchange offers (94.4%-99.3%)
- Successful receipt of sufficient consents to amend indentures
- Business combination with Viterra progressing towards completion
- Regulatory approvals still pending for Viterra acquisition
- Extended timeline for exchange offer completion
- Potential reduced liquidity for unexchanged Viterra notes
Insights
This exchange offer extension for Viterra's notes is part of Bunge's larger
The transaction will streamline Bunge's debt structure by consolidating Viterra's obligations under Bunge's credit profile. This move typically leads to better debt management and potentially lower financing costs. The supplemental indentures already executed will remove certain covenants and guarantees, giving Bunge more financial flexibility post-merger.
On the early tender date and consent revocation deadline of September 20, 2024, BLFC received consents sufficient to amend the respective Existing Viterra Indentures to, among other things, eliminate certain of the covenants, restrictive provisions and events of default and modify or amend certain other provisions, including unconditionally releasing and discharging the guarantees by each of Viterra and Viterra B.V. (with respect to the corresponding Existing Viterra Indenture for that series and, together, as the context requires, the “Proposed Amendments”). Supplemental indentures to the Existing Viterra Indentures were executed on September 23, 2024 in order to effect the Proposed Amendments (each an “Existing Viterra Supplemental Indenture” and collectively, the “Existing Viterra Supplemental Indentures”). The Existing Viterra Supplemental Indentures will become operative only upon the settlement date for the Exchange Offers and the Consent Solicitations, which is expected to be within two business days after the Expiration Date.
Each Exchange Offer and Consent Solicitation is subject to the satisfaction of certain conditions, including among other things, the consummation of Bunge’s pending acquisition (the “Business Combination”) of Viterra. The parties’ obligations to complete the Business Combination are conditioned upon (i) the receipt of antitrust approvals and (ii) certain other customary closing conditions. The consummation of the Business Combination is not subject to the completion of the Exchange Offers or Consent Solicitations or a financing condition.
To the extent the Business Combination is not anticipated to occur on or before the Expiration Date, for any reason, BLFC anticipates further extending the then-anticipated Expiration Date until such time that the Business Combination may be consummated on or before the Expiration Date. BLFC will provide notice of any such extension in advance of the Expiration Date.
The regulatory approval process for the announced Business Combination is continuing to progress. Bunge expects to receive the remaining approvals and close the Business Combination in the next several months.
Tenders of Existing Viterra Notes in the Exchange Offers and related consents validly delivered (and not validly revoked) prior to the extension of the Expiration Date remain valid. Tenders of Existing Viterra Notes in the Exchange Offers may be validly withdrawn at or prior to the Expiration Date. A valid withdrawal of tendered Existing Viterra Notes prior to the Expiration Date will not be deemed a revocation of the related consent and such consent will continue to be deemed validly delivered and not validly withdrawn. All Existing Viterra Notes previously tendered (and not validly withdrawn) or re-tendered (and not validly withdrawn) in an extended Exchange Offer will remain subject to such Exchange Offer and may be accepted for exchange by BLFC.
Except as described in this press release, the press release issued by the Company on September 23, 2024, and the press release issued by the Company on October 7, 2024, all other terms of the Exchange Offers and Consent Solicitations remain unchanged.
As of 6:00 a.m.,
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144A CUSIP: 92852LAA7 Reg S CUSIP: N9354LAA9 |
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144A CUSIP: 92852LAB5 Reg S CUSIP: N9354LAB7 |
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BLFC is making the Exchange Offers and Consent Solicitations pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated September 9, 2024 (the “Statement”). The Statement and other documents relating to the Exchange Offers and Consent Solicitations have and will only be distributed to holders of Existing Viterra Notes who complete and return a letter of eligibility certifying that they are (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Securities Act”) or (ii) not “U.S. persons” and are outside of
Among other risks described in the Statement, the Exchange Offers and Consent Solicitations are expected to result in reduced liquidity for the Existing Viterra Notes that are not exchanged and, the Proposed Amendments will reduce protection to remaining holders of Existing Viterra Notes. Eligible Holders should refer to the Statement for more details on the risks related to the Exchange Offers and Consent Solicitations.
BLFC has engaged BofA Securities, Inc. and J.P. Morgan Securities LLC as Lead Dealer Managers and Solicitation Agents, and SMBC Nikko Securities America, Inc. as Co-Dealer Manager and Solicitation Agent for the Exchange Offers and Consent Solicitations. Please direct questions regarding the Exchange Offers and Consent Solicitations to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-3907 (collect for banks and brokers) or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-3554 (collect for banks and brokers).
The New Bunge Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a world leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in
Cautionary Statement Concerning Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward-looking statements, which include those related to BLFC’s ability to consummate the Exchange Offers and the Consent Solicitations, Bunge’s ability to generate sufficient cash flows to service debt and other obligations and ability to access capital, including debt or equity, and Bunge’s ability to achieve the benefits contemplated by the Exchange Offers and the Consent Solicitations, are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements, which are described in our Securities and Exchange Commission filings, including those set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024 and “Part II — Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the SEC on August 1, 2024.
The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offers and Consent Solicitations, the Exchange Offers and Consent Solicitations are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030725507/en/
Media Contact:
Bunge News Bureau
Bunge
636-292-3022
news@bunge.com
Investor Contact:
Ruth Ann Wisener
Bunge
636-292-3014
Ruthann.wisener@bunge.com
Source: Bunge Global SA
FAQ
When is the new expiration date for Bunge's (BG) exchange offers?
What is the total value of notes involved in Bunge's (BG) exchange offer?
What are the current participation rates in Bunge's (BG) note exchange offers?
When does Bunge (BG) expect to complete the Viterra acquisition?
