Bunge Limited Finance Corp. Announces Extension of Exchange Offers
Bunge Global SA (NYSE: BG) announced that its subsidiary, Bunge Finance Corp. (BLFC), has extended the expiration date of its exchange offers from February 3, 2025, to March 7, 2025. The exchange offers involve swapping Viterra Finance B.V.'s outstanding notes for up to $1.95 billion in new BLFC notes guaranteed by Bunge, plus cash.
As of January 31, 2025, high participation rates were recorded with 96.4% to 99.3% of existing notes tendered across different series. The exchange offers are contingent on Bunge's pending acquisition of Viterra, which requires antitrust approvals. Bunge expects to receive remaining approvals and close the Business Combination in the next several months.
Previously tendered notes remain valid, and holders can withdraw their tenders until the new expiration date. The exchange offers are only available to qualified institutional buyers and non-U.S. persons meeting specific eligibility criteria.
Bunge Global SA (NYSE: BG) ha annunciato che la sua controllata, Bunge Finance Corp. (BLFC), ha prorogato la data di scadenza delle sue offerte di scambio dal 3 febbraio 2025 al 7 marzo 2025. Le offerte di scambio prevedono la sostituzione delle note in circolazione di Viterra Finance B.V. con fino a 1,95 miliardi di dollari in nuove note BLFC garantite da Bunge, oltre a contanti.
Alla data del 31 gennaio 2025, sono stati registrati alti tassi di partecipazione con 96,4% a 99,3% delle note esistenti presentate in diverse serie. Le offerte di scambio sono soggette all'acquisizione in sospeso di Viterra da parte di Bunge, che richiede approvazioni antitrust. Bunge prevede di ricevere le approvazioni rimanenti e di chiudere l'operazione di business nei prossimi mesi.
Le note precedentemente presentate rimangono valide e i possessori possono ritirare le proprie offerte fino alla nuova data di scadenza. Le offerte di scambio sono disponibili solo per acquirenti istituzionali qualificati e persone non statunitensi che soddisfano specifici criteri di idoneità.
Bunge Global SA (NYSE: BG) anunció que su subsidiaria, Bunge Finance Corp. (BLFC), ha extendido la fecha de vencimiento de sus ofertas de intercambio del 3 de febrero de 2025 al 7 de marzo de 2025. Las ofertas de intercambio implican el canje de las notas en circulación de Viterra Finance B.V. por hasta 1.95 mil millones de dólares en nuevas notas de BLFC garantizadas por Bunge, además de efectivo.
Hasta el 31 de enero de 2025, se registraron altas tasas de participación con 96.4% a 99.3% de las notas existentes presentadas en diferentes series. Las ofertas de intercambio están condicionadas a la adquisición pendiente de Viterra por parte de Bunge, que requiere aprobaciones antimonopolio. Bunge espera recibir las aprobaciones restantes y cerrar la combinación de negocios en los próximos meses.
Las notas presentadas anteriormente siguen siendo válidas, y los tenedores pueden retirar sus ofertas hasta la nueva fecha de vencimiento. Las ofertas de intercambio están disponibles solo para compradores institucionales calificados y personas no estadounidenses que cumplan con criterios específicos de elegibilidad.
붕게 글로벌 SA (NYSE: BG)는 그 자회사인 붕게 파이낸스 코퍼레이션(BLFC)이 교환 제안의 만료일을 2025년 2월 3일에서 2025년 3월 7일로 연장했다고 발표했습니다. 교환 제안은 Viterra Finance B.V.의 기존 노트를 붕게가 보증하는 최대 19억 5천만 달러의 새로운 BLFC 노트와 현금으로 교환하는 것을 포함합니다.
2025년 1월 31일 기준으로 서로 다른 시리즈에서 96.4%에서 99.3%의 높은 참여율이 기록되었습니다. 교환 제안은 붕게의 Viterra 인수 승인 대기 중인 조건입니다. 붕게는 남은 승인을 받고 향후 몇 달 내에 사업 결합을 마감할 것으로 예상합니다.
이전에 제출된 노트는 유효하며, 보유자는 새로운 만료일까지 자진 철회할 수 있습니다. 교환 제안은 특정 자격 기준을 충족하는 자격이 있는 기관 투자자와 비미국인을 위해서만 제공됩니다.
Bunge Global SA (NYSE: BG) a annoncé que sa filiale, Bunge Finance Corp. (BLFC), a prolongé la date d'expiration de ses offres d'échange du 3 février 2025 au 7 mars 2025. Les offres d'échange concernent l'échange des obligations en circulation de Viterra Finance B.V. contre jusqu'à 1,95 milliard de dollars de nouvelles obligations BLFC garanties par Bunge, ainsi que des liquidités.
Au 31 janvier 2025, des taux de participation élevés étaient enregistrés avec 96,4 % à 99,3 % des obligations existantes soumises dans différentes séries. Les offres d'échange sont conditionnées à l'acquisition en cours de Viterra par Bunge, qui nécessite des approbations antitrust. Bunge s'attend à recevoir les approbations restantes et à finaliser la combinaison d'affaires dans les mois à venir.
Les obligations précédemment présentées restent valables, et les détenteurs peuvent retirer leurs offres jusqu'à la nouvelle date d'expiration. Les offres d'échange sont uniquement disponibles pour les acheteurs institutionnels qualifiés et les personnes non américaines répondant à des critères d'éligibilité spécifiques.
Bunge Global SA (NYSE: BG) gab bekannt, dass ihre Tochtergesellschaft, Bunge Finance Corp. (BLFC), das Ablaufdatum ihrer Austauschangebote vom 3. Februar 2025 auf den 7. März 2025 verlängert hat. Die Austauschangebote beinhalten den Tausch der ausstehenden Anleihen von Viterra Finance B.V. gegen bis zu 1,95 Milliarden US-Dollar an neuen BLFC-Anleihen, die von Bunge garantiert sind, plus Bargeld.
Am 31. Januar 2025 wurden hohe Teilnahmequoten von 96,4% bis 99,3% der bestehenden Anleihen in verschiedenen Serien verzeichnet. Die Austauschangebote hängen von der anstehenden Übernahme von Viterra durch Bunge ab, die wettbewerbsrechtliche Genehmigungen erfordert. Bunge erwartet, die verbleibenden Genehmigungen zu erhalten und die Geschäftskombination in den nächsten Monaten abzuschließen.
Bereits eingereichte Anleihen bleiben gültig, und die Inhaber können ihre Angebote bis zum neuen Ablaufdatum zurückziehen. Die Austauschangebote sind nur für qualifizierte institutionelle Käufer und Personen außerhalb der USA verfügbar, die bestimmte Zulassungskriterien erfüllen.
- High participation rates in exchange offers (96.4-99.3% across note series)
- Progress in regulatory approval process for Viterra acquisition
- Expected completion of Business Combination in coming months
- Potential reduced liquidity for unexchanged Viterra notes
- Reduced protection for remaining Viterra note holders after amendments
Insights
The extension of Bunge's exchange offers until March 7, 2025, reveals important developments in the $1.95 billion debt restructuring associated with the Viterra acquisition. The remarkably high tender rates - ranging from
The transaction's complexity is evident in its structure: Bunge is effectively assuming Viterra's debt obligations while simultaneously amending indenture terms to release Viterra's guarantees. This approach streamlines the post-merger capital structure while maintaining continuity for bondholders. The supplemental indentures executed in September 2024 will only become operative upon settlement, providing a safety mechanism that aligns with regulatory approval timing.
Three critical implications emerge for investors:
- The extended deadline signals continued progress in obtaining regulatory approvals, with Bunge expressing confidence in closing within months
- The high participation rates minimize the risk of holdout bondholders and potential complications in the debt integration process
- The warning about reduced liquidity for non-exchanged notes highlights the importance of participating in the exchange, as remaining holders could face deteriorated trading conditions and weakened covenant protections
The regulatory approval process remains the primary gating factor, but the strong bondholder support and well-structured exchange mechanism position Bunge favorably for completing both the acquisition and debt restructuring efficiently once approvals are secured.
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, the press release issued by the Company on October 7, 2024, the press release issued by the Company on October 30, 2024, and the press release issued by the Company on December 30, 2024, all other terms of the Exchange Offers and Consent Solicitations remain unchanged.
As of 5:00 a.m.,
Title of Series of Existing Viterra Notes |
CUSIP Number of Existing Viterra Notes |
Title Series of New Bunge Notes |
Aggregate Principal Amount Outstanding |
Existing Viterra Notes Tendered |
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144A CUSIP: 92852LAA7 Reg S CUSIP: N9354LAA9 |
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144A CUSIP: 92852LAC3 Reg S CUSIP: N9354LAE1 |
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144A CUSIP: 92852LAB5 Reg S CUSIP: N9354LAB7 |
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144A CUSIP: 92852LAD1 Reg S CUSIP: N9354LAF8 |
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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 September 30, 2024, filed with the SEC on October 30, 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/20250131818487/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 being exchanged in Bunge's (BG) offer?
What are the participation rates in Bunge's (BG) exchange offers as of January 31, 2025?
When does Bunge (BG) expect to complete the Viterra acquisition?
Can noteholders withdraw their tenders in Bunge's (BG) exchange offers?
