Shearman & Sterling advised Bunge Limited Finance Corp. (BLFC) and Bunge Limited in connection with BLFC’s $1 billion issuance and sale of senior notes. The offering consisted of $400 million 3% senior notes due 2022 and $600 million 3.75% senior notes due 2027. Bunge Limited will fully, unconditionally and irrevocably guarantee all payments on the notes.
BLFC and Bunge Limited intend to use the net proceeds from this offering to fund the acquisition of a 70% ownership interest in IOI Loders Croklaan. Upon closing, the net proceeds will be used to repay outstanding indebtedness.
Bunge Limited is a leading global agribusiness and food company with integrated operations that stretch from the farm field to consumer foods. A 100%-owned finance subsidiary of Bunge Limited, Bunge Limited Finance Corp. was formed for the sole purpose of issuing debt obligations, primarily in the U.S. markets and investing the proceeds in a master trust structure to centralize Bunge Limited’s financing operations.
The Shearman & Sterling team included partners Stephen Giove and Lona Nallengara (both New York-Capital Markets); associates Rupa Briggs, Flavio Averbug, Yaw Asare (all New York-Capital Markets) and Marika Mikuriya (New York-Corporate). Other Shearman & Sterling attorneys included partner Douglas McFadyen and associate Adam Sternberg (both New York-Tax).