Bunge Global SA announced it has further extended the expiration date for its exchange offers of Viterra Finance B.V. notes to July 3, 2025. The extension comes as the company awaits final steps to close its pending acquisition of Viterra.
The exchange offers, first announced in September 2024, allow holders of eligible Viterra notes to exchange them for new notes issued by Bunge Limited Finance Corp. and guaranteed by Bunge. The offers cover four series of Viterra notes with maturities ranging from 2026 to 2032.
As of June 12, 2025, a significant majority of noteholders had tendered their Viterra notes:
- 96.1% of the 2.000% Notes due 2026
- 95.7% of the 4.900% Notes due 2027
- 99.4% of the 3.200% Notes due 2031
- 96.0% of the 5.250% Notes due 2032
Reuters' Karl PlumeIn reported on a significant development, China's market regulator has granted conditional approval for Bunge's $34 billion merger with Viterra, clearing the final regulatory hurdle for the deal. The approval comes with conditions aimed at maintaining competition in China's imported soybean, barley, and rapeseed markets.
Under these conditions, Bunge and Viterra must report quarterly sales volumes to Chinese customers and maintain a "timely, stable, reliable, and sufficient" supply of agricultural products, especially during global crop shortages.
Bunge reported that the regulatory approval process for the Viterra acquisition is now complete, with the company having received conditional approvals from Canada, the European Union, and other markets in recent months. The company now expects to close the deal in the coming weeks.
The exchange offers and related consent solicitations are subject to several conditions, including the completion of Bunge's acquisition of Viterra. The company stated it may further extend the expiration date if the acquisition is not anticipated to close by July 3.
Supplemental indentures amending the terms of the Viterra notes were executed in September 2024 following receipt of sufficient consents. These amendments, which include eliminating certain covenants and events of default, will become operative upon settlement of the exchange offers.
Bunge emphasized that the consummation of its Viterra acquisition is not contingent on the completion of the exchange offers or consent solicitations.
The exchange offers are only available to qualified institutional buyers and non-U.S. persons meeting certain eligibility requirements. Eligible noteholders can contact D.F. King & Co., Inc. for more information on participating in the offers.
BofA Securities, Inc. and J.P. Morgan Securities LLC are serving as lead dealer managers for the exchange offers, with SMBC Nikko Securities America, Inc. acting as co-dealer manager.
