White Plains, NY – December 2, 2019 - Bunge Limited (NYSE:BG) and BP plc (NYSE:BP) today announced that they have completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combines their Brazilian bioenergy and sugarcane ethanol businesses. BP Bunge Bioenergia is now the second largest operator by effective crushing capacity in the Brazilian bioethanol market.
As part of the transaction, Bunge received cash proceeds of $775 million, comprising of $700 million of non-recourse Bunge debt that was assumed by the joint venture at closing, and $75 million from BP, before customary closing adjustments. The proceeds were used to reduce outstanding indebtedness under the Company's credit facilities. The non-recourse debt was arranged by a syndicate of banks, led by Sumitomo Mitsui Banking Corporation, ABN Amro Bank N.V. and ING Bank N.V.
Itaú BBA acted as exclusive financial advisor to Bunge, and Lefosse Advogados acted as legal counsel.
About Bunge Limited
Bunge (www.bunge.com, NYSE: BG) is a world leader in sourcing, processing and supplying oilseed and grain products and ingredients. Founded in 1818, Bunge’s expansive network feeds and fuels a growing world, creating sustainable products and opportunities for more than 70,000 farmers and the consumers they serve across the globe. The company is headquartered in New York and has 31,000 employees worldwide who stand behind more than 360 port terminals, oilseed processing plants, grain silos, and food and ingredient production and packaging facilities around the world.
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.