Bunge Global (NYSE: BG) lifts securitization capacity to $2B and trims accordion

Rhea-AI Filing Summary

Bunge Global SA amended its trade receivables securitization program with existing financing counterparties. The changes increased the program’s aggregate size by $500 million to a total of $2 billion and reduced the accordion feature by $500 million from $1 billion to $500 million.

The amendments also revised the applicable margin, removed sustainability provisions, added a U.S. subsidiary as a seller, and removed a German subsidiary as a seller. A Canadian subsidiary may become a seller once certain conditions are met. Other key terms, including representations, covenants, and Bunge’s first loss position as subordinated lender, remain substantially unchanged.

Insights

Corporate finance and credit facilities analyst

Bunge ups securitization capacity to $2B while tightening structure.

Bunge Global increased its trade receivables securitization capacity from $1.5B to $2B, giving more room to fund working capital by selling receivables to Purchasers. At the same time, the accordion feature was cut from $1B to $500M, modestly limiting future expansion.

The structure keeps standard protections: eligibility representations for receivables, customary termination events, and Bunge’s first loss position as subordinated lender based on historical receivables performance. Margin terms were revised and sustainability provisions removed, which may modestly affect funding cost and ESG positioning but is not quantified here.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Program size increase: $500 million Total securitization program size: $2 billion Accordion feature reduction: $500 million +1 more

4 metrics

Program size increase $500 million Incremental capacity added to securitization program

Total securitization program size $2 billion Aggregate size after March 31, 2026 amendment

Accordion feature reduction $500 million Decrease in accordion capacity

Revised accordion size $500 million Accordion feature after amendment (from $1 billion)

Key Terms

trade receivables securitization program, accordion feature, applicable margin, first loss position, +1 more

5 terms

trade receivables securitization program financial

"amended its existing trade receivables securitization program (the “Securitization Program”)"

accordion feature financial

"decreased the size of the accordion feature of the Securitization Program by $500 million"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

applicable margin financial

"the Securitization Program Transaction Documents revised the applicable margin"

Applicable margin is the extra percentage added to a base interest rate to calculate the actual interest a borrower pays on a floating-rate loan or credit line. Investors care because it directly affects a company’s borrowing cost—higher margins raise interest expense and reduce profit and cash flow, while lower margins make financing cheaper; think of it as a variable surcharge on a sale price that reflects the lender’s view of risk.

first loss position financial

"recourse to Bunge and its subsidiaries under the Securitization Program will be limited to Bunge’s first loss position as subordinated lender"

termination events financial

"contain customary termination events and service defaults"

Understanding 8-K Material Events →

0001996862false00019968622026-03-312026-04-02

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

March 31, 2026

Date of Report (date of earliest event reported)

___________________________________

BUNGE GLOBAL SA

(Exact name of registrant as specified in its charter)

___________________________________

Switzerland

(State of Incorporation)

000-56607 (Commission File Number)						98-1743397 (IRS Employer Identification Number)
Route de Florissant 13, 1206 Geneva, Switzerland						N.A
(Address of principal executive offices and zip code)						(Zip Code)
1391 Timberlake Manor Parkway Chesterfield, MO						63017
(Address of corporate headquarters )						(Zip Code)
(314) 292-2000
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol			Name of each exchange on which registered
Registered Shares, $0.01 par value per share			BG			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into Material Definitive Agreements     

Amendment to Existing Securitization Program

On March 31, 2026, Bunge Global SA (“Bunge”) and certain of its subsidiaries amended its existing trade receivables securitization program (the “Securitization Program”) with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (the “Purchasers”) pursuant to the Thirtieth Amendment to the Receivables Transfer Agreement and Ninth Amended and Restated Receivables Transfer Agreement (together, the “Securitization Program Transaction Documents”). Among other things, the Securitization Program Transaction Documents increased the aggregate size of the Securitization Program by $500 million to an aggregate total of $2 billion and decreased the size of the accordion feature of the Securitization Program by $500 million from $1 billion to $500 million.

In addition, the Securitization Program Transaction Documents revised the applicable margin, removed the sustainability provisions from the Securitization Program, added a U.S. subsidiary as an additional seller to the Securitization Program and removed a German subsidiary as a seller in the Securitization Program. The Purchasers also agreed to permit a Canadian subsidiary to become an additional seller to the Securitization Program upon satisfaction of certain other conditions precedent set forth in the Securitization Program Transaction Documents. Other relevant terms and conditions of the Securitization Program were substantially unchanged by these amendments.

The Securitization Program Transaction Documents contain certain customary representations and warranties and affirmative covenants, including a representation as to the eligibility of the receivables being sold, and contain customary termination events and service defaults. Bunge and its subsidiaries are required to repurchase any receivables that are not eligible as represented on the date of sale or become subject to certain non-credit related obligor offsets following sale to the Securitization Program. Apart from such repurchase obligations, any recourse to Bunge and its subsidiaries under the Securitization Program will be limited to Bunge’s first loss position as subordinated lender, which will be sized based on the historical performance of Bunge’s pool of trade receivables.

From time to time, certain of the Purchasers under the Securitization Program and/or their affiliates provide financial services to Bunge and other subsidiaries of Bunge.

The foregoing descriptions of the Securitization Program and the related Securitization Program Transaction Documents do not purport to be complete and are qualified in their entirety by reference to the full text of those documents included as Exhibits 10.1, 10.2 and 10.3, respectively, hereto and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference in this Item 2.03

Item 9.01 Financial Statements and Exhibits

(d):     Exhibits.

Exhibit No.						Description
10.1*						30th Amendment to Receivables Transfer Agreement, dated March 31, 2026
10.2						9th Amended and Restated Receivables Transfer Agreement, dated March 31, 2026
10.3						Applicable Margin Letter, dated March 31, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Certain confidential information has been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company will furnish supplementally a copy of any redacted information to the Securities and Exchange Commission upon request.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 2, 2026

BUNGE GLOBAL SA
By:			/s/Lisa Ware-Alexander
Name:			Lisa Ware-Alexander
Title:			Secretary

FAQ

What change did Bunge Global (BG) make to its securitization program size?

Bunge Global increased its trade receivables securitization program by $500 million, bringing the total program size to $2 billion. This larger capacity lets the company fund more receivables through the program under largely unchanged core terms and conditions.

How was the accordion feature of Bunge Global’s securitization program adjusted?

The accordion feature was reduced by $500 million, moving from $1 billion to $500 million. This change narrows the headroom for future expansion beyond the new $2 billion base size, while still leaving additional incremental capacity available.

Which subsidiaries were added or removed as sellers in Bunge Global’s securitization program?

A U.S. subsidiary was added as an additional seller, while a German subsidiary was removed as a seller. The Purchasers also agreed that a Canadian subsidiary may become a seller once it satisfies specified conditions in the transaction documents.

Did the amendments change Bunge Global’s risk position in the securitization structure?

Bunge Global continues to hold a first loss position as subordinated lender, sized to the historical performance of its trade receivables pool. Other than required repurchases of ineligible receivables, recourse to Bunge and its subsidiaries remains limited to this subordinated exposure.

Were sustainability provisions affected in Bunge Global’s updated securitization program?

Yes. The amended securitization transaction documents removed the sustainability provisions from the program. The filing does not quantify the financial impact of this change but confirms other key program terms remained substantially unchanged after the revisions.

What types of protections are included in Bunge Global’s securitization program documents?

The securitization documents include customary representations and warranties, such as receivable eligibility, along with affirmative covenants, termination events, and servicer defaults. Bunge must repurchase receivables that later prove ineligible or become subject to certain non-credit-related obligor offsets.

Filing Exhibits & Attachments

7 documents

Agreements & Contracts

• EX-10.1 EX-10.1 170.6 KB
• EX-10.2 EX-10.2 1.2 MB
• EX-10.3 EX-10.3 35.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.0 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 13.8 KB