<SEC-DOCUMENT>0000947871-11-000576.txt : 20110607
<SEC-HEADER>0000947871-11-000576.hdr.sgml : 20110607
<ACCEPTANCE-DATETIME>20110607170013
ACCESSION NUMBER:		0000947871-11-000576
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110601
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20110607
DATE AS OF CHANGE:		20110607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bunge LTD
		CENTRAL INDEX KEY:			0001144519
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16625
		FILM NUMBER:		11899073

	BUSINESS ADDRESS:	
		STREET 1:		50 MAIN STREET
		STREET 2:		6TH FLOOR
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10606
		BUSINESS PHONE:		914-684-2800

	MAIL ADDRESS:	
		STREET 1:		50 MAIN STREET
		STREET 2:		6TH FLOOR
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BUNGE LTD
		DATE OF NAME CHANGE:	20010710
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>ss120768_8k.htm
<DESCRIPTION>CURRENT REPORT
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><a name="part_1_2_2"><!--EFPlaceholder--></a><a name="item_1_31_1"><!--EFPlaceholder--></a>On June 1, 2011, Bunge Limited (&#8220;Bunge&#8221;) and certain of its subsidiaries entered into a U.S.$700 million trade receivables securitization program with Co&#246;peratieve Centrale Raiffeisen-Boerenleenbank B.A., as administrative agent, and certain commercial paper conduit purchasers and committed purchasers.&#160;&#160;The securitization program is designed to enhance Bunge&#8217;s financial flexibility by providing an additional source of liquidity for its operations.&#160;&#160;In connection with the securitization program, certain of Bunge&#8217;s U.S. and non U.S. subsidiaries that originate trade receivables may sell those receivables to Bunge Securitization B.V., a special purpose vehicle formed under the laws of The Netherlands (&#8220;BSBV&#8221;).&#160;&#160;Neither Bunge nor any of its subsidiaries owns or controls BSBV.&#160; BSBV in turn will sell such purchased trade receivables to the administrative agent pursuant to a receivables transfer agreement.&#160;&#160;Bunge Finance B.V., a wholly owned subsidiary of Bunge (&#8220;BFBV&#8221;), will act as master servicer, responsible for servicing and collecting the accounts receivable for the securitization program.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The trade receivables to be sold under the securitization program are subject to specified eligibility criteria, including eligible currencies and country and obligor concentration limits.&#160;&#160;BSBV will purchase trade receivables from the originating Bunge subsidiaries using (i) proceeds from the sale of receivables to the administrative agent, (ii) collections from the pool of receivables sold through the securitization program and (iii) borrowings from BFBV under a revolving subordinated loan facility.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The administrative agent will use funds provided by the commercial paper conduit purchasers or committed purchasers to purchase receivables from BSBV under the receivables transfer agreement.&#160;&#160;If funded by commercial paper, amounts funded by the conduit purchasers for the purchase of receivables will bear interest at the applicable commercial paper rate plus a margin of 0.85%.&#160;&#160;In any other event, the committed purchasers&#8217; investment under the receivables transfer agreement will bear interest at the applicable eurocurrency rate plus a margin of 1.30%.&#160;&#160;Additionally, the committed purchasers will be entitled to receive a commitment fee payable monthly in arrears at a rate of 0.45% based on their share of unused commitments.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The securitization program agreements contain certain customary representations and warranties and affirmative covenants, including as to the eligibility of the receivables being sold, and contain customary program termination events, originator termination events and servicer defaults.&#160;&#160;Certain obligations of Bunge&#8217;s subsidiaries and BSBV are guaranteed by Bunge under a performance and indemnity agreement. <font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>However, the performance and indemnity agreement does not cover BSBV&#8217;s obligations to pay any yield, fees or invested amounts to the administrative agent or any of the commercial paper conduits or committed purchasers.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Bunge, the originating subsidiaries and the master servicer are obligated to: (i) repurchase any receivables that were not eligible as represented when sold, and (ii) fund any short-falls in collections for specified non-credit related reasons after sale.&#160;&#160;Apart from these obligations, any recourse to Bunge and its subsidiaries for credit-related losses under the securitization program will be limited to the funding obtained by BSBV from BFBV under the revolving subordinated loan facility, which is expected to be generally between 10 and 15 percent of the aggregate amount of receivables sold through the program.</font></div>

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