Bunge gets $700 million of debt assumed by bioenergy venture with BP

By Wendy Van Sickle

Columbus, Ohio, Dec. 2 – Bunge Ltd. obtained $700 million of non-recourse debt arranged by a syndicate of banks led by Sumitomo Mitsui Banking Corp., ABN Amro Bank NV and ING Bank NV, according to a news release.

BP Bunge Bioenergia, a Brazilian bioenergy joint venture between Bunge and BP plc that combines their Brazilian bioenergy and sugarcane ethanol businesses, assumed the debt at closing of the joint venture. Bunge also received $75 million from BP at closing.

Proceeds were used to reduce outstanding debt under the company's credit facilities.

Bunge is an agribusiness and food company that is based in White Plains, N.Y. BP is a London-based oil and gas company.

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