v2.4.0.6

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2011
Long-Term Debt |
Long-Term Debt |
17. Long-Term Debt Long-term obligations are summarized below.
|  | December 31, |
--- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |
Term loans due 2011—LIBOR plus 1.25% to 1.75% (1) |  | $ | — |  | $ | 475 |
Term loan due 2013—fixed interest rate of 3.32% |  |  | 300 |  |  | 300 |
Japanese Yen term loan due 2011—Yen LIBOR plus 1.40% (2) |  |  | — |  |  | 123 |
Revolving credit facilities |  |  | 250 |  |  | — |
5.875% Senior Notes due 2013 |  |  | 300 |  |  | 300 |
5.35% Senior Notes due 2014 |  |  | 500 |  |  | 500 |
5.10% Senior Notes due 2015 |  |  | 382 |  |  | 382 |
4.10% Senior Notes due 2016 |  |  | 500 |  |  | — |
5.90% Senior Notes due 2017 |  |  | 250 |  |  | 250 |
8.50% Senior Notes due 2019 |  |  | 600 |  |  | 600 |
BNDES loans, variable interest rate indexed to TJLP plus 3.20% and URTJLP plus 9.20% payable through 2017 (3)(4)(5) |  |  | 64 |  |  | 118 |
Other |  |  | 216 |  |  | 115 |
|  |  | 3,362 |  |  | 3,163 |
Less: Current portion of long-term debt |  |  | (14 | ) |  | (612 | )
Total long-term debt |  | $ | 3,348 |  | $ | 2,551 |
(1) One, three and six month LIBOR at December 31, 2011 were 0.30%, 0.58% and 0.81% per annum, respectively, and at December 31, 2010 were 0.26%, 0.30% and 0.46% per annum, respectively. (2) Three month Yen LIBOR at December 31, 2010 was 0.19% per annum. (3) Industrial development loans provided by BNDES, an agency of the Brazilian government. (4) TJLP is a long-term interest rate published by the BNDES on a quarterly basis; TJLP as of December 31, 2011 and December 31, 2010 was 6.00% per annum for both periods. (5) URTJLP is a long-term interest rate derived from the TJLP interest rate published by BNDES on a quarterly basis; URTJLP as of December 31, 2011 and December 31, 2010 was TJLP minus 4.03% per annum, respectively. The fair values of long-term debt, including current portion, at December 31, 2011 and 2010 were $3,676 million and $3,407 million, respectively, calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. In November 2011, Bunge entered into an unsecured $1 billion five-year revolving credit facility which matures on November 17, 2016. This credit facility replaced the then existing $1 billion three-year revolving credit agreement scheduled to mature on June 1, 2012, which was terminated in accordance with its terms in connection with the entry into the new credit facility. Borrowings under the credit agreement bear interest at LIBOR plus an applicable margin ranging from 1.125% to 1.75%, based generally on the credit ratings of our senior long-term unsecured debt. Amounts under the credit agreement that remain undrawn are subject to a commitment fee payable each quarter based on the average undrawn portion of the credit agreement at rates ranging from 0.125% to 0.275%. There was $250 million outstanding under this credit agreement at December 31, 2011. In March 2011, Bunge entered into a syndicated, $1,750 million revolving credit agreement which matures on April 19, 2014. Borrowings under the credit agreement bear interest at LIBOR plus an applicable margin ranging from 1.30% to 2.75%, based generally on the credit ratings of our senior long-term unsecured debt. Amounts under the credit agreement that remain undrawn are subject to a commitment fee payable quarterly on the average undrawn portion of the credit agreement at 35% of the applicable margin. The credit agreement replaced the then existing $632 million, three-year and $600 million, 17-month revolving credit agreements that were scheduled to mature on April 16, 2011. These agreements were terminated in accordance with their terms. There were no borrowings outstanding under this credit agreement at December 31, 2011. In March 2011, Bunge completed the sale of $500 million aggregate principal amount of unsecured senior notes, which bear interest at 4.10% per year. The senior notes will mature on March 15, 2016. The senior notes were issued by Bunge's 100% owned finance subsidiary, Bunge Limited Finance Corp., and are fully and unconditionally guaranteed by Bunge Limited. Interest on the senior notes is payable semi-annually in arrears in March and September of each year, commencing in September 2011. At December 31, 2011, Bunge had approximately $2,500 million of unused and available borrowing capacity under its committed long-term credit facilities with a number of lending institutions. Certain land, property, equipment and investments in consolidated subsidiaries having a net carrying value of approximately $54 million at December 31, 2011 have been mortgaged or otherwise collateralized against long-term debt of $66 million at December 31, 2011. Principal Maturities. Principal maturities of long-term debt at December 31, 2011 are as follows:
(US$ in millions) |  |  |
--- | --- | --- | ---
2012 |  | $ | 14 |
2013 |  |  | 628 |
2014 |  |  | 570 |
2015 |  |  | 437 |
2016 |  |  | 765 |
Thereafter |  |  | 882 |
Total (1) |  | $ | 3,296 |
(1) Excludes unamortized net gains of $66 million related to terminated interest rate swap agreements recorded in long-term portion of debt. Bunge's credit facilities and certain senior notes require it to comply with specified financial covenants related to minimum net worth, minimum current ratio, a maximum debt to capitalization ratio and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2011. In 2011, 2010 and 2009, Bunge paid interest, net of interest capitalized, of $208 million, $247 million and $284 million, respectively. In July 2010, Bunge redeemed certain senior notes and repaid certain term loans and subsidiary long-term debt with an aggregate principal amount of $827 million. These transactions resulted in a loss on extinguishment of debt of approximately $90 million, related to make-whole payments, which was included in the consolidated statements of income for the year ended December 31, 2010.

X
- Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration