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 for Viterra Finance B.V.'s notes to May 5, 2025. The exchange offers cover four series of notes with varying interest rates and maturities, totaling up to $1.95 billion in aggregate principal amount.
The exchange offers have received significant participation, with tender rates ranging from 96.1% to 99.1% across the different note series. This extension is related to Bunge's pending acquisition of Viterra, which is expected to close in the next several months pending remaining regulatory approvals.
The exchange offers include:
- 2.000% Notes due 2026 (96.1% tendered)
- 4.900% Notes due 2027 (97.4% tendered)
- 3.200% Notes due 2031 (99.1% tendered)
- 5.250% Notes due 2032 (97.3% tendered)
Bunge Global SA (NYSE: BG) ha annunciato che la sua controllata, Bunge Finance Corp. (BLFC), ha esteso la data di scadenza delle sue offerte di scambio per le note di Viterra Finance B.V. al 5 maggio 2025. Le offerte di scambio riguardano quattro serie di note con tassi d'interesse e scadenze variabili, per un totale di fino a 1,95 miliardi di dollari in valore nominale aggregato.
Le offerte di scambio hanno ricevuto una partecipazione significativa, con tassi di adesione che variano dal 96,1% al 99,1% tra le diverse serie di note. Questa estensione è legata all'acquisizione in corso da parte di Bunge di Viterra, che dovrebbe concludersi nei prossimi mesi in attesa delle approvazioni regolatorie rimanenti.
Le offerte di scambio includono:
- Note al 2,000% in scadenza nel 2026 (96,1% aderito)
- Note al 4,900% in scadenza nel 2027 (97,4% aderito)
- Note al 3,200% in scadenza nel 2031 (99,1% aderito)
- Note al 5,250% in scadenza nel 2032 (97,3% aderito)
Bunge Global SA (NYSE: BG) anunció que su subsidiaria, Bunge Finance Corp. (BLFC), ha extendido la fecha de vencimiento de sus ofertas de intercambio para las notas de Viterra Finance B.V. hasta el 5 de mayo de 2025. Las ofertas de intercambio cubren cuatro series de notas con tasas de interés y vencimientos variados, totalizando hasta $1.95 mil millones en monto principal agregado.
Las ofertas de intercambio han recibido una participación significativa, con tasas de aceptación que varían del 96.1% al 99.1% entre las diferentes series de notas. Esta extensión está relacionada con la adquisición pendiente de Viterra por parte de Bunge, que se espera que cierre en los próximos meses, a la espera de las aprobaciones regulatorias restantes.
Las ofertas de intercambio incluyen:
- Notas al 2.000% con vencimiento en 2026 (96.1% aceptadas)
- Notas al 4.900% con vencimiento en 2027 (97.4% aceptadas)
- Notas al 3.200% con vencimiento en 2031 (99.1% aceptadas)
- Notas al 5.250% con vencimiento en 2032 (97.3% aceptadas)
분게 글로벌 SA (NYSE: BG)는 자회사인 분게 파이낸스 코퍼레이션(BLFC)이 비테라 파이낸스 B.V.의 노트에 대한 교환 제안의 만료일을 2025년 5월 5일로 연장했다고 발표했습니다. 교환 제안은 다양한 이자율과 만기를 가진 네 가지 시리즈의 노트를 포함하며, 총 19억 5천만 달러의 총 원금에 해당합니다.
교환 제안은 상당한 참여를 얻었으며, 다양한 노트 시리즈에서의 입찰 비율은 96.1%에서 99.1%까지 다양합니다. 이 연장은 비테라에 대한 분게의 인수와 관련이 있으며, 남은 규제 승인을 기다리고 있는 상황에서 다음 몇 개월 내에 마무리될 것으로 예상됩니다.
교환 제안에는 다음이 포함됩니다:
- 2026년 만기 2.000% 노트 (96.1% 입찰됨)
- 2027년 만기 4.900% 노트 (97.4% 입찰됨)
- 2031년 만기 3.200% 노트 (99.1% 입찰됨)
- 2032년 만기 5.250% 노트 (97.3% 입찰됨)
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 pour les obligations de Viterra Finance B.V. jusqu'au 5 mai 2025. Les offres d'échange couvrent quatre séries d'obligations avec des taux d'intérêt et des échéances variés, totalisant jusqu'à 1,95 milliard de dollars en montant principal agrégé.
Les offres d'échange ont reçu une participation significative, avec des taux de soumission allant de 96,1% à 99,1% parmi les différentes séries d'obligations. Cette prolongation est liée à l'acquisition en attente de Viterra par Bunge, qui devrait se conclure dans les mois à venir, sous réserve des approbations réglementaires restantes.
Les offres d'échange comprennent:
- Obligations à 2,000% arrivant à échéance en 2026 (96,1% soumises)
- Obligations à 4,900% arrivant à échéance en 2027 (97,4% soumises)
- Obligations à 3,200% arrivant à échéance en 2031 (99,1% soumises)
- Obligations à 5,250% arrivant à échéance en 2032 (97,3% soumises)
Bunge Global SA (NYSE: BG) gab bekannt, dass ihre Tochtergesellschaft, Bunge Finance Corp. (BLFC), das Ablaufdatum ihrer Umtauschangebote für die Anleihen von Viterra Finance B.V. auf den 5. Mai 2025 verlängert hat. Die Umtauschangebote umfassen vier Serien von Anleihen mit unterschiedlichen Zinssätzen und Laufzeiten, die insgesamt bis zu 1,95 Milliarden Dollar an aggregiertem Nennbetrag ausmachen.
Die Umtauschangebote haben eine signifikante Teilnahme erhalten, mit Tenderquoten, die zwischen 96,1% und 99,1% bei den verschiedenen Anleihenserien liegen. Diese Verlängerung steht im Zusammenhang mit der bevorstehenden Übernahme von Viterra durch Bunge, die voraussichtlich in den nächsten Monaten nach den verbleibenden regulatorischen Genehmigungen abgeschlossen wird.
Die Umtauschangebote umfassen:
- 2,000% Anleihen fällig 2026 (96,1% angeboten)
- 4,900% Anleihen fällig 2027 (97,4% angeboten)
- 3,200% Anleihen fällig 2031 (99,1% angeboten)
- 5,250% Anleihen fällig 2032 (97,3% angeboten)
- High acceptance rates (96.1-99.1%) across all note series indicating strong investor support
- Successful consent solicitation received for amending indenture terms
- Progress in regulatory approval process for Viterra acquisition
- Further delay in completion of exchange offers with extension to May 2025
- Potential reduced liquidity for unexchanged Viterra notes
- Remaining regulatory approvals still pending for acquisition completion
Insights
This procedural update signals the continuing progress of Bunge's significant acquisition of Viterra, though with a longer timeline than initially anticipated. The extension of the exchange offer deadline to May 5 represents standard execution risk in complex cross-border acquisitions requiring multiple regulatory approvals.
The remarkably high participation rates in the note exchange—ranging from
Importantly, Bunge has already secured sufficient consents to amend the relevant indentures, meaning the technical groundwork for debt restructuring is essentially complete. The
The statement that regulatory approvals are "continuing to progress" with closure expected "in the next several months" suggests normal regulatory review rather than unexpected obstacles. Had there been material regulatory concerns, we would likely see more specific language about remedies or contingency plans.
This acquisition remains on track despite the extended timeline, with the exchange offer mechanics proceeding as expected in a transaction of this magnitude. The debt restructuring approach appears well-executed based on participation rates, even as the regulatory process continues its course.
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, the press release issued by the Company on December 30, 2024, the press release issued by the Company on January 31, 2025, and the press release issued by the Company on March 6, 2025, 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 |
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due 2026 |
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144A CUSIP: 92852LAA7 Reg S CUSIP: N9354LAA9 |
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due 2026 |
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due 2027 |
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144A CUSIP: 92852LAC3 Reg S CUSIP: N9354LAE1 |
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due 2027 |
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due 2031 |
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144A CUSIP: 92852LAB5 Reg S CUSIP: N9354LAB7 |
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due 2031 |
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due 2032 |
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144A CUSIP: 92852LAD1 Reg S CUSIP: N9354LAF8 |
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due 2032 |
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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 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, 2024, filed with the SEC on February 20, 2025.
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/20250404160467/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
What is the new expiration date for Bunge's (BG) exchange offers?
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What percentage of Viterra's 2031 Notes have been tendered in Bunge's exchange offer?
When does Bunge (BG) expect to complete the Viterra acquisition?
