Bunge subsidiary enters $750 million three-year term loan

By Marisa Wong

Los Angeles, July 26 – Bunge Ltd. Finance Corp., a wholly owned subsidiary of Bunge Ltd., entered into a $750 million term loan agreement on July 26, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on the third anniversary of the drawdown date.

Loans will bear interest at SOFR plus an adjustment of 10 basis points and plus an applicable margin varying between 70 bps and 125 bp, depending on senior long-term unsecured debt ratings.

There is also a commitment fee of 9 bps to 22.5 bps, depending on ratings.

Bunge must maintain a specified total consolidated current assets to adjusted total consolidated current liabilities ratio, a maximum consolidated adjusted net debt to consolidated adjusted capitalization ratio and a maximum secured indebtedness to tangible assets ratio.

Proceeds will be used to fund intercompany advances to Bunge or Bunge subsidiaries, to repay outstanding pari passu debt of Bunge Ltd. Finance, to pay expenses incurred in connection with the loan agreement and any pari passu debt of the borrower and for general working capital purposes.

JPMorgan Chase Bank, NA is the administrative agent.

JPMorgan, Sumitomo Mitsui Banking Corp., Bank of America, NA, BNP Paribas, Citibank, NA, Cooperatieve Rabobank UA, New York Branch, ING Bank NV, Mizuho Bank, Ltd., PNC Bank, NA, Royal Bank of Canada, Toronto-Dominion Bank, New York Branch, Truist Bank, U.S. Bank NA and Wells Fargo Bank, NA are lead arrangers and joint bookrunners.

Sumitomo, BofA, BNP Paribas, Citibank, Rabobank, ING Bank, JPMorgan, Mizuho, PNC, RBC, TD Bank, Truist, U.S. Bank and Wells Fargo Bank are syndication agents.

Bunge is an agribusiness and food company based in Chesterfield, Mo.

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