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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION  

Washington D.C., 20549

 

Form 8-K 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) 
of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 20, 2024

 

BUNGE GLOBAL SA

(Exact name of registrant as specified in its charter)

 

Switzerland 000-56607 98-1743397
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

 

Route de Florissant 13,  
1206 Geneva, Switzerland N/A

(Address of registered office and principal executive offices)

(Zip Code)

 

1391 Timberlake Manor Parkway  
Chesterfield, MO 63017

(Address of corporate headquarters) 

(Zip Code)

 

(314) 292-2000 

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

  

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Registered Shares, par value $0.01 per share   BG   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

¨ Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 8.01 Other Events.

 

Results of Early Participation in Exchange Offers and Consent Solicitations

 

On September 23, 2024, Bunge Global SA (“Bunge”) and Bunge Limited Finance Corp. (“BLFC”) announced the early participation results of their previously announced (i) offers to exchange (collectively, the “Exchange Offers”) any and all outstanding 2.000% Notes due 2026 (the “Existing Viterra 2026 Notes”), 4.900% Notes due 2027 (the “Existing Viterra 2027 Notes”), 3.200% Notes due 2031 (the “Existing Viterra 2031 Notes”), and 5.250% Notes due 2032 (the “Existing Viterra 2032 Notes”, and with the Existing Viterra 2026 Notes, the Existing Viterra 2027 Notes and the Existing Viterra 2031 Notes, collectively, the “Existing Viterra Notes”), each series as issued by Viterra Finance B.V. (“VFBV”) and guaranteed by Viterra Limited (“Viterra”) and Viterra B.V., for (1) up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge and (2) cash; and (ii) solicitations of consent (collectively, the “Consent Solicitations”), on behalf of VFBV, from eligible holders of the (i) Existing Viterra 2026 Notes and the Existing Viterra 2031 Notes to amend the VFBV base indenture dated April 21, 2021, governing the Existing Viterra 2026 Notes and the Existing Viterra 2031 Notes (the “Existing Viterra 2026 and 2031 Notes Indenture”); and (ii) Existing Viterra 2027 Notes and the Existing Viterra 2032 Notes to amend the VFBV base indenture dated April 21, 2022, governing the Existing Viterra 2027 Notes and the Existing Viterra 2032 Notes (the “Existing Viterra 2027 and 2032 Notes Indenture”, and with the Existing Viterra 2026 and 2031 Notes Indenture, each an “Existing Viterra Indenture” and collectively, the “Existing Viterra Indentures”), to among other things, eliminate certain of the covenants, restrictive provisions and events of default and modify or amend certain other provisions, including unconditionally releasing and discharging the guarantees by each of Viterra and Viterra B.V. (with respect to the corresponding Existing Viterra Indenture for that series and, together, as the context requires, the “Proposed Amendments”).

 

As of 5:00 p.m., New York City time, on September 20, 2024 (the “Early Tender Date”), BLFC has received consents from holders representing (i) 96.5% in principal amount of the Existing Viterra 2026 Notes and Existing Viterra 2031 Notes, voting as one class; and (ii) 97.6% in principal amount of the Existing Viterra 2027 Notes and Existing Viterra 2032 Notes, voting as one class. In accordance with the terms of the Existing Viterra Indentures and the confidential offering memorandum and consent solicitation statement, dated September 9, 2024, BLFC has received consents sufficient to amend the respective indentures governing the Existing Viterra Notes to unconditionally release and discharge the guarantees by each of Viterra and Viterra B.V.

 

On September 23, 2024, VFBV, Viterra and Viterra B.V. executed (i) a Supplemental Indenture to the Existing Viterra 2026 and 2031 Notes Indenture (the “Existing Viterra 2026 and 2031 Notes Supplemental Indenture”); and (ii) a Supplemental Indenture to the Existing Viterra 2027 and 2032 Notes Indenture (collectively, with the Existing Viterra 2026 and 2031 Notes Supplemental Indenture, each an “Existing Viterra Supplemental Indenture” and collectively, the “Existing Viterra Supplemental Indentures”) in order to effect the Proposed Amendments. The Existing Viterra Supplemental Indentures will become operative only upon the settlement date for the Exchange Offers and the Consent Solicitations, which is expected to be within two business days after the expiration date of the Exchange Offers of 5:00 p.m., New York City time, on October 7, 2024 (the “Expiration Date”).

 

To the extent the consummation of Bunge’s pending acquisition (the “Business Combination”) of Viterra is not anticipated to occur on or before the then-anticipated settlement date, for any reason, BLFC anticipates extending the Expiration Date until such time that the Business Combination may be consummated on or before the settlement date. During any extension of the Expiration Date, all Existing Viterra Notes previously tendered (and not validly withdrawn) in an extended Exchange Offer will remain subject to such Exchange Offer and may be accepted for exchange by BLFC.

 

A copy of the press release announcing the early participation results of the Exchange Offers and Consent Solicitations is attached hereto as Exhibit 99.1, and the information contained therein is incorporated herein by reference.

 

This Form 8-K is not intended to and does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of any vote of approval or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

1 

 

 

Cautionary Statement Regarding Forward-Looking Statements

 

This Current Report on Form 8-K contains 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 are not based on historical facts, but rather 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, which include those related to BLFC’s ability to consummate the Exchange Offers and the Consent Solicitations, Bunge’s ability to generate sufficient cash flows to service debt and other obligations and ability to access capital, including debt or equity, and Bunge’s ability to achieve the benefits contemplated by the Exchange Offers and the Consent Solicitations, 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, which are described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Regarding Forward Looking Statements" in our most recently filed Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which we filed on February 22, 2024 and in our most recently filed Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, which we filed on August 1, 2024. You are cautioned not to place undue reliance on Bunge’s forward-looking statements. The forward-looking statements included in this Current Report on Form 8-K are made only as of the date of this Current Report on Form 8-K, 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.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release of Bunge, dated September 23, 2024, related to the Exchange Offers and Consent Solicitations
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  BUNGE GLOBAL SA
     
Date: September 23, 2024 By: /s/ Lisa Ware-Alexander
    Lisa Ware-Alexander
    Secretary

  

 

 

 

Exhibit 99.1

 

 

 

  Media Contact:

Bunge News Bureau

Bunge

636-292-3022

news@bunge.com

     
  Investor Contact:

Ruth Ann Wisener

Bunge

636-292-3014

Ruthann.wisener@bunge.com  

 

Bunge Limited Finance Corp. Announces Results of Early Participation in Exchange Offers and Consent Solicitations

 

ST. LOUIS – September 23, 2024 Bunge Global SA (NYSE: BG) (“Bunge”), today announced that its wholly-owned subsidiary, Bunge Limited Finance Corp. (“BLFC”), has received consents from Eligible Holders (as defined herein) representing (i) 96.5% in principal amount of 2.000% Notes due 2026 (the “Existing Viterra 2026 Notes”) and 3.200% Notes due 2031 (the “Existing Viterra 2031 Notes”), voting as one class; and (ii) 97.6% in principal amount of 4.900% Notes due 2027 (the “Existing Viterra 2027 Notes”) and 5.250% Notes due 2032 (the “Existing Viterra 2032 Notes”), voting as one class, each series as issued by Viterra Finance B.V. (“VFBV”) and guaranteed by Viterra Limited (“Viterra”) and Viterra B.V., pursuant to Bunge and BLFC’s previously announced (A) offers to exchange (each an “Exchange Offer” and, collectively the “Exchange Offers”) any and all outstanding Existing Viterra 2026 Notes, Existing Viterra 2027 Notes, Existing Viterra 2031 Notes, and Existing Viterra 2032 Notes (collectively, the “Existing Viterra Notes”), for (1) up to $1.95 billion aggregate principal amount of new notes to be issued by BLFC and guaranteed by Bunge (the “New Bunge Notes”), and (2) cash; and (B) related solicitations of consents by BLFC, on behalf of VFBV (each a “Consent Solicitation” and, collectively, the “Consent Solicitations”) from Eligible Holders of the (1) Existing Viterra 2026 Notes and the Existing Viterra 2031 Notes to amend the VFBV base indenture dated April 21, 2021, governing the Existing Viterra 2026 Notes and the Existing Viterra 2031 Notes (the “Existing Viterra 2026 and 2031 Notes Indenture”); and (2) Existing Viterra 2027 Notes and the Existing Viterra 2032 Notes to amend the VFBV base indenture dated April 21, 2022, governing the Existing Viterra 2027 Notes and the Existing Viterra 2032 Notes (the “Existing Viterra 2027 and 2032 Notes Indenture”, and with the Existing Viterra 2026 and 2031 Notes Indenture, each an “Existing Viterra Indenture” and collectively, the “Existing Viterra Indentures”).

 

Tenders of Existing Viterra Notes in the Exchange Offers may be withdrawn at any time prior to 5:00 p.m., New York City time, on October 7, 2024, unless extended (the “Expiration Date”); however, consents delivered in the Consent Solicitations with respect to each series of Existing Viterra Notes may no longer be revoked.

 

The consents received in the Consent Solicitations permit VFBV, Viterra and Viterra B.V. to eliminate certain of the covenants, restrictive provisions, events of default and guarantee provisions from such Existing Viterra Indenture (with respect to the corresponding Existing Viterra Indenture for that series and, together, as the context requires, the “Proposed Amendments”). In accordance with the terms of the Existing Viterra Indentures and the offering memorandum and consent solicitation statement dated September 9, 2024 (the “Statement”), BLFC has received consents sufficient to amend the respective indentures governing the Existing Viterra Notes to unconditionally release and discharge the guarantees by each of Viterra and Viterra B.V. The Proposed Amendments are further described in the Statement. Accordingly, VFBV, Viterra and Viterra B.V. have executed supplemental indentures (the “Existing Viterra Supplemental Indentures”) to each of the Existing Viterra Indentures to effect the Proposed Amendments approved in the Consent Solicitations. The Proposed Amendments effectuated by the Existing Viterra Supplemental Indentures will become operative only upon the settlement date for the Exchange Offers and the Consent Solicitations, which is expected to be within two business days after the Expiration Date.

 

As of 5:00 p.m., New York City time, on September 20, 2024 (the “Early Tender Date”), the principal amounts of Existing Viterra Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby validly delivered and not validly revoked).

 

 

 

 

For each $1,000 principal amount of Existing Viterra Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date, Eligible Holders of Existing Viterra Notes are eligible to receive $1,000 principal amount of New Bunge Notes of the applicable series, plus a consent payment (the “Consent Payment”) of $1.00 in cash (plus cash in respect of any fractional portion of New Bunge Notes) (the “Total Exchange Consideration”). The Total Exchange Consideration includes the early tender payment, payable in New Bunge Notes, equal to $30.00. For each $1,000 principal amount of Existing Viterra validly tendered after the Early Tender Date but at or prior to the Expiration Date, Eligible Holders of Existing Viterra Notes will be eligible to receive $1,000 principal amount of New Bunge Notes (plus cash in respect of any fractional portion of New Bunge Notes) (the “Exchange Consideration”) but will not receive the Consent Payment.

 

               Existing Viterra Notes Tendered at Early Tender
Date
 
Title of Series of
Existing Viterra Notes
  CUSIP Number of Existing
Viterra Notes
  Title Series of New
Bunge Notes
   Aggregate Principal
Amount Outstanding
    Principal Amount   Percentage 
2.000% Notes due 2026  144A CUSIP: 92852LAA7
Reg S CUSIP: N9354LAA9
  2.000% Notes due 2026  $600,000,000   $566,348,000   94.4%
4.900% Notes due 2027  144A CUSIP: 92852LAC3
Reg S CUSIP: N9354LAE1
  4.900% Notes due 2027  $450,000,000   $436,993,000   97.1%
3.200% Notes due 2031  144A CUSIP: 92852LAB5
Reg S CUSIP: N9354LAB7
  3.200% Notes due 2031  $600,000,000   $591,131,000   98.5%
5.250% Notes due 2032  144A CUSIP: 92852LAD1
Reg S CUSIP: N9354LAF8
  5.250% Notes due 2032  $300,000,000   $295,000,000   98.3%

 

Eligible Holders who (i) validly tender their Existing Viterra Notes at or prior to the Early Tender Date, (ii) validly deliver their related consent in the applicable Consent Solicitation at or prior to the Early Tender Date, and (iii) beneficially own such Existing Viterra Notes at the Expiration Date, will be eligible to receive the Total Exchange Consideration.

 

Eligible Holders who (i) validly tender their Existing Viterra Notes after the Early Tender Date and prior to the Expiration Date, (ii) validly deliver their related consents in the applicable Consent Solicitation after the Early Tender Date and prior to the Expiration Date, and (iii) beneficially own such Existing Viterra Notes at the Expiration Date, will be eligible to receive the Exchange Consideration.

 

The settlement date will be promptly after the Expiration Date and is expected to be within two business days after the Expiration Date. To the extent the consummation of Bunge’s pending acquisition (the “Business Combination”) of Viterra is not anticipated to occur on or before the then-anticipated settlement date, for any reason, BLFC anticipates extending the Expiration Date until such time that the Business Combination may be consummated on or before the settlement date. During any extension of the Expiration Date, all Existing Viterra Notes previously tendered (and not validly withdrawn) in an extended Exchange Offer will remain subject to such Exchange Offer and may be accepted for exchange by BLFC.

 

BLFC is making the Exchange Offers and Consent Solicitations pursuant to the terms and subject to the conditions set forth in the Statement. The Statement and other documents relating to the Exchange Offers and Consent Solicitations have and will only be distributed to holders of Existing Viterra Notes who complete and return a letter of eligibility certifying that they are (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Securities Act”) or (ii) not “U.S. persons” and are outside of the United States within the meaning of Regulation S under the Securities Act and who are “non-U.S. qualified offerees” (as defined in the Statement) and who are not located in Canada are authorized to receive and review the Statement (such persons, “Eligible Holders”). Eligible Holders of Existing Viterra Notes who desire to obtain and complete the letter of eligibility and obtain copies of the Statement should call D.F. King & Co., Inc. (the “Information & Exchange Agent”) at (800) 967-5074 (toll-free) or (212) 269-5550 (collect for banks and brokers).

 

Among other risks described in the Statement, the Exchange Offers and Consent Solicitations are expected to result in reduced liquidity for the Existing Viterra Notes that are not exchanged and, the Proposed Amendments to the Existing Viterra Indentures will reduce protection to remaining holders of Existing Viterra Notes. Eligible Holders should refer to the Statement for more details on the risks related to the Exchange Offers and Consent Solicitations.

 

BLFC has engaged BofA Securities, Inc. and J.P. Morgan Securities LLC as Lead Dealer Managers and Solicitation Agents, and SMBC Nikko Securities America, Inc. as Co-Dealer Manager and Solicitation Agent for the Exchange Offers and Consent Solicitations. Please direct questions regarding the Exchange Offers and Consent Solicitations to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-3907 (collect for banks and brokers) or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-3554 (collect for banks and brokers).

 

 

 

 

The New Bunge Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.

 

About Bunge

 

At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a world leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

 

Cautionary Statement Concerning Forward-Looking Statements

 

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. 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, which include those related to BLFC’s ability to consummate the Exchange Offers and the Consent Solicitations, Bunge’s ability to generate sufficient cash flows to service debt and other obligations and ability to access capital, including debt or equity, and Bunge’s ability to achieve the benefits contemplated by the Exchange Offers and the Consent Solicitations, 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, which are described in our Securities and Exchange Commission filings, including those set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024 and “Part II — Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the SEC on August 1, 2024.

 

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.

 

No Offer or Solicitation

 

This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offers and Consent Solicitations, the Exchange Offers and Consent Solicitations are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.

 

 

 

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