Published on 8/11/2016 in the Prospect News Investment Grade Daily.
New Issue: Bunge prices $700 million 3.25% 10-year notes at 99.907
By Lisa Kerner
Charlotte, N.C., Aug. 11 – Bunge Ltd. Finance Corp. priced $700 million of 3.25% 10-year senior notes at 99.907 to yield 3.261%, according to an FWP filed with the Securities and Exchange Commission.
The notes sold with a spread of 175 basis points over Treasuries, according to a market source, and were guided at 180 bps over Treasuries, plus or minus 5 bps.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by Bunge Ltd., according to a 424B3 filed with the Securities and Exchange Commission.
Proceeds will be used for general corporate purposes, including, but not limited to, the repayment of outstanding debt, which includes debt under the company’s revolving credit facilities.
The White Plains, N.Y.-based agribusiness and food company plans to use the proceeds for general corporate purposes.
| Issuer: | Bunge Ltd. Finance Corp.
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| Guarantor: | Bunge Ltd.
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| Amount: | $700 million
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| Description: | Senior notes
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| Maturity: | Aug. 15, 2026
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
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| Senior co-managers: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SMBC Nikko Securities America, | Inc., SunTrust Robinson Humphrey | Inc.
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| Co-managers: | ABN AMRO Securities (USA) LLC, ANZ Securities, Inc., BB Securities Ltd., BBVA Securities Inc., Commerz Markets LLC, Deutsche Bank Securities Inc., ICBC Standard Bank Plc, ING Financial Markets LLC, nabSecurities, LLC, Natixis Securities Americas LLC, Rabo Securities USA, Inc., SG Americas Securities, LLC, Standard Chartered Bank, UniCredit Capital Markets LLC
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| Coupon: | 3.25%
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| Price: | 99.907
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| Yield: | 3.261%
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| Spread: | Treasuries plus 175 bps
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 15
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 180 bps area, plus or minus 5 bps
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| Make-whole call: | Prior to May 15, 2026 plus 30 bps, then callable at par
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