Bunge enters $1.75 billion revolver priced at Libor plus 70-170 bps

By Marisa Wong

Madison, Wis., March 19 - Bunge Ltd.'s wholly owned subsidiary, Bunge Finance Europe BV, entered into a $1.75 billion revolving credit facility on Monday with ABN AMRO Bank NV as agent, according to an 8-K filing with the Securities and Exchange Commission.

The three-year revolving credit facility has two one-year extension options and an accordion feature that could increase total commitments by up to $250 million.

Borrowings will bear interest at Libor plus a margin of 70 basis points to 170 bps, based on the company's senior long-term unsecured debt ratings.

Undrawn amounts are subject to a quarterly commitment fee equal to 35% of the margin specified above, based on the ratings.

Bunge will also pay a fee of 10 bps to 40 bps based on usage.

Proceeds may be used to fund intercompany advances and to repay outstanding debt.

The credit facility replaces the company's existing $1.75 billion revolver dated March 23, 2011. No borrowings were outstanding under the prior facility at its termination on March 17.

Bunge is a White Plains, N.Y.-based agribusiness and food company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.