by Feed & Grain Times editors
Bunge Global SA announced today the commencement of exchange offers and consent solicitations as part of its ongoing acquisition of Viterra Limited. The process, led by Bunge’s subsidiary, Bunge Limited Finance Corp. (BLFC), involves exchanging existing Viterra notes for new notes issued by BLFC along with additional cash compensation.
The exchange targets four series of Viterra’s outstanding notes, ranging from those due in 2026 to those maturing in 2032, totaling up to $1.95 billion in new Bunge notes. The initiative is designed to streamline financial structures post-acquisition, aligning Viterra’s debt with Bunge’s broader corporate guarantees.
Alongside the exchange offers, BLFC is also initiating consent solicitations to amend certain terms in the indentures associated with these notes. These amendments aim to eliminate specific covenants and provisions, aligning them more closely with Bunge’s operational and financial strategies.
Key dates include a September 20, 2024 early tender deadline, with benefits for early participation, and an October 7, 2024 expiration date. Settlement is expected shortly after the expiration date, subject to the timing of the acquisition’s closure.
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