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Bunge Global SA (NYSE:BG), a prominent player in the Food Products industry with a market capitalization of $15.17 billion, announced Tuesday the completion of its previously disclosed exchange offers and consent solicitations involving certain outstanding Viterra Finance B.V. notes. According to InvestingPro analysis, the company currently appears fairly valued based on its comprehensive Fair Value model, which considers multiple financial metrics and market conditions. The transaction resulted in the issuance of approximately $1.92 billion in new Bunge Limited Finance Corp. notes, according to a company statement filed with the Securities and Exchange Commission. This debt management aligns with Bunge’s moderate leverage profile, as InvestingPro data shows the company maintains a healthy debt-to-equity ratio of 0.72 and a strong current ratio of 2.04, indicating solid liquidity management.
As part of the exchange, holders of Viterra’s 2.000% Notes due 2026, 4.900% Notes due 2027, 3.200% Notes due 2031, and 5.250% Notes due 2032 were offered the opportunity to exchange their securities for new notes issued by Bunge Limited Finance Corp. and cash. The new notes are guaranteed by Bunge Global SA.
Upon settlement, Bunge issued $579.8 million in 2026 notes, $439.7 million in 2027 notes, $598.6 million in 2031 notes, and $299.8 million in 2032 notes. The remaining Viterra notes not exchanged—totaling $20.2 million (2026), $10.3 million (2027), $1.4 million (2031), and $0.2 million (2032)—will remain outstanding under modified terms.
Interest on the new notes will accrue from April 21, 2025, with semi-annual payments beginning October 21, 2025. The notes mature on April 21 of their respective years: 2026, 2027, 2031, and 2032. Bunge Limited Finance Corp. retains the option to redeem the notes prior to their par call dates at a specified premium, or at par value after those dates.
The company also entered into a registration rights agreement with BofA Securities, J.P. Morgan Securities, and SMBC Nikko Securities America, as dealer managers. Under this agreement, Bunge will file an exchange offer registration statement with the SEC within 180 days and complete the registered exchange offers within 365 days.
The information in this article is based on a press release statement and the company’s SEC filing.
In other recent news, Bunge has completed its merger with Viterra, creating a major global agribusiness entity. The merger is expected to enhance Bunge’s scale and diversification, bringing together complementary assets and operations across more than 50 countries. This strategic move is anticipated to generate synergies through joint commercial opportunities and improved logistics, leading to more stable cash flows. S&P Global Ratings upgraded Bunge Global S.A. to ’A-’ from ’BBB+’ following the merger, citing the strengthened business risk profile and increased commodity diversification. The ratings agency also assigned a stable outlook, expecting the pro forma adjusted debt to EBITDA ratio to improve over the next two years.
In addition, Bunge has chartered its first Argentine soybean meal cargo to China, marking a significant step in diversifying supply options for Chinese animal feed manufacturers. Analyst firms such as BofA Securities and UBS have reiterated their Buy ratings on Bunge, with price targets set at $90.00 and $100.00, respectively, following the merger. These analysts highlight the potential for enhanced value chain balance and significant synergies in the combined Bunge-Viterra entity. With the leadership team remaining largely unchanged, the company aims to leverage its broadened portfolio of plant-based oils, fats, and proteins while focusing on grain origination and oilseed processing.
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