Bunge Limited Finance Corp. (BLFC) has extended the expiration date of its exchange offers and consent solicitations from April 7, 2025, to May 5, 2025. The offers aim to exchange outstanding notes due in 2026, 2027, 2031, and 2032, as well as related solicitations of consents, for new notes and cash.
As of April 4, 2025, the principal amounts of existing Viterra notes that had been validly tendered and not validly withdrawn are as follows: 2.000% notes due 2026: $600,000,000 (96.1%) 4.900% notes due 2027: $450,000,000 (97.4%) 3.200% notes due 2031: $600,000,000 (99.1%) 5.250% notes due 2032: $300,000,000 (97.3%)
BLFC received consents on the early tender date and consent revocation deadline of September 20, 2024, to amend the existing Viterra indentures, resulting in the elimination of certain covenants, restrictive provisions, and events of default, and modification of other provisions.
The exchange offers and consent solicitations are subject to certain conditions, including the completion of Bunge's pending acquisition of Viterra. The parties' obligations to complete the business combination are conditioned upon the receipt of antitrust approvals and certain other customary closing conditions.
BLFC anticipates further extending the expiration date if the business combination is not anticipated to occur on or before the current expiration date. The regulatory approval process for the announced business combination is continuing to progress, and Bunge expects to receive the remaining approvals and close the business combination in the next several months.
The exchange offers and consent solicitations are being conducted pursuant to the terms and conditions set forth in the offering memorandum and consent solicitation statement dated September 9, 2024. The new Bunge notes have not been registered under the securities act or any state or foreign securities laws.
Bunge has engaged BofA Securities, Inc., J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc. as lead dealer managers and solicitation agents for the exchange offers and consent solicitations.
It's important to note that the press release contains forward-looking statements, and Bunge has provided prospective information to investors about its current expectations and projections regarding future results, performance, prospects, and opportunities. The market has reacted to these announcements by moving the company's shares -6.6% to a price of $73.07. If you want to know more, read the company's complete 8-K report here.
