WHITE PLAINS, N.Y.,
Dec. 2, 2019 /PRNewswire/
-- 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.
Website Information
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.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains both historical and forward-looking
statements. All statements, other than statements of historical
fact are, or may be deemed to be, forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements reflect our current
expectations and projections about our future results, performance,
prospects and opportunities. We have tried to identify these
forward-looking statements by using words including "may," "will,"
"should," "could," "expect," "anticipate," "believe," "plan,"
"intend," "estimate," "continue" and similar expressions. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among
others, could affect our business and financial performance:
industry conditions, including fluctuations in supply, demand and
prices for agricultural commodities and other raw materials and
products used in our business; fluctuations in energy and freight
costs and competitive developments in our industries; the effects
of weather conditions and the outbreak of crop and animal disease
on our business; global and regional agricultural, economic,
financial and commodities market, political, social and health
conditions; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from
acquisitions, dispositions, joint ventures and strategic alliances;
our ability to achieve the efficiencies, savings and other benefits
anticipated from our cost reduction, margin improvement and other
business optimization initiatives; changes in government policies,
laws and regulations affecting our business, including agricultural
and trade policies, tax regulations and biofuels legislation; and
other factors affecting our business generally. The forward-looking
statements included in this release are made only as of the date of
this release, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
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SOURCE Bunge Limited