Bunge Global SA - BG STOCK NEWS

Bunge Global SA (NYSE: BG) has announced the pricing of a $2.0 billion senior notes offering through its subsidiary, Bunge Finance Corp. The offering comprises three tranches: $400 million of 4.100% Senior Notes due 2028, $800 million of 4.200% Senior Notes due 2029, and $800 million of 4.650% Senior Notes due 2034. These notes will be fully guaranteed by Bunge Global SA. The proceeds will primarily fund the cash consideration for Bunge's proposed acquisition of Viterra and repay a portion of assumed Viterra debt. The offering is expected to close on September 17, 2024, subject to customary conditions. A special mandatory redemption clause is included if the Viterra acquisition is not completed.

Bunge Global SA (NYSE: BG) has announced that its subsidiary, Bunge Finance Corp. (BLFC), is initiating exchange offers and consent solicitations for outstanding notes issued by Viterra Finance B.V. This move is connected to Bunge's pending acquisition of Viterra BLFC is offering to exchange up to $1.95 billion in new notes, guaranteed by Bunge, plus cash for Viterra's existing notes due in 2026, 2027, 2031, and 2032.

The exchange offers include early tender and consent payments for eligible holders who participate by September 20, 2024. The exchange offers and consent solicitations are subject to conditions, including the completion of Bunge's acquisition of Viterra. This transaction aims to align Viterra's debt with Bunge's structure following the acquisition.

Bunge Global SA (NYSE: BG) reported Q2 2024 results with GAAP diluted EPS of $0.48 vs. $4.09 in the prior year, and adjusted EPS of $1.73 vs. $3.72. Lower Agribusiness results reflect a more balanced global supply environment. Refined and Specialty Oils performed well but were down from a strong prior year. The company is making progress on Viterra integration planning and other strategic priorities, including the announced sale of its interest in the sugar & bioenergy joint venture. Bunge updated its adjusted full-year EPS outlook to approximately $9.25. CEO Greg Heckman noted improved market conditions in some regions but visibility into the latter part of the year. The company remains well-positioned to connect farmers to consumers and deliver essential food, feed, and fuel globally.

Bunge Global SA (NYSE: BG) will release its Q2 2024 earnings on July 31, 2024, before the market opens. Management will discuss the results via a conference call at 7:00 a.m. Central Time, accompanied by a slide presentation available on Bunge's website under the 'Investor Center' section. To access the webcast, visit the 'Events & Presentations' section, select the 'Q2 2024 Bunge Global SA Conference Call,' and follow the prompts. Call-in options are provided for listeners within and outside the United States. A replay of the call will be available from July 31, 2024, to August 30, 2024.

Bunge Global SA (NYSE: BG) has agreed to sell its 50% stake in BP Bunge Bioenergia to its joint venture partner, bp. The joint venture, established in 2019, integrates both companies' bioenergy and sugarcane ethanol operations across 11 mills in Brazil. The sale is expected to complete in Q4 2024, with bp assuming full ownership. This transaction aligns with Bunge's strategic focus on core businesses and aims to bolster its balance sheet, potentially generating around $800 million in net proceeds. The deal is pending customary regulatory approvals. J.P. Morgan serves as Bunge's financial advisor, and Tauil & Chequer Advogados associated with Mayer Brown is its legal counsel.

Bunge (NYSE: BG) and Bangkok Produce Merchandising Public Company (BKP), a subsidiary of Charoen Pokphand Foods (CPF), have tested a blockchain traceability solution to ensure deforestation-free soybean meal shipments from Brazil to Thailand.

Three shipments, totaling 185,000 metric tons, have been successfully traced, with three more expected by July 2024. The blockchain platform tracks soybeans from farm origin to final delivery, ensuring compliance with socio-environmental protocols and offering details on carbon footprint and regenerative practices.

This initiative supports CP Foods' goal of 100% deforestation-free supply chains by 2025 and enhances consumer confidence through increased transparency. The partnership, initiated in October 2023, aims to automate supplier management and socio-environmental monitoring.

Shareholders of Bunge Global SA (NYSE: BG) approved a quarterly cash dividend of $2.72 per share at the 2024 Annual General Meeting in Switzerland. The dividend will be distributed in four equal installments of $0.68 each, with payment dates on June 3, 2024, September 2, 2024, December 2, 2024, and March 4, 2025. The record dates for these payments are May 20, 2024, August 19, 2024, November 18, 2024, and February 18, 2025, respectively.

Bunge Global SA (NYSE: BG) reported first quarter 2024 results with Q1 GAAP diluted EPS of $1.68 vs. $4.15 in the prior year. The company made significant progress on Viterra integration planning and other growth initiatives, repurchased $400 million of shares, and maintained adjusted full-year EPS outlook of approximately $9.00. Key financial highlights include a decrease in net income attributable to Bunge and adjusted net income per share-diluted, as well as core segment EBIT. The company experienced higher results in Agribusiness Processing, offset by lower results in Merchandising Refined and Specialty Oils. The PR also outlines the financial performance of core segments like Agribusiness, Processing, Merchandising, Refined & Specialty Oils, Milling, and Non-core segments like Sugar & Bioenergy. The outlook for full-year 2024 includes expectations for various segments and financial metrics like adjusted annual effective tax rate, net interest expense, capital expenditures, and depreciation and amortization.

Bunge and Viterra have received a positive advisory report from the Canadian Competition Bureau regarding Bunge's proposed acquisition of Viterra. The report highlights that the companies operate in complementary markets with minimal competition concerns. While some localized issues were identified, both companies are confident in addressing them. The transaction is expected to bring significant benefits to Canada, including stronger supply chains, increased investment capacity, and job creation. The closing of the deal is anticipated in mid-2024.