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DEBT | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT Bunge’s commercial paper program is supported by an identical amount of committed back-up bank credit lines (the “Liquidity Facility”) provided by banks that are rated at least A-1 by Standard & Poor’s Financial Services and P-1 by Moody’s Investors Service. The cost of borrowing under the Liquidity Facility would typically be higher than the cost of issuing under Bunge’s commercial paper program. At September 30, 2018, there were $598 million borrowings outstanding under the commercial paper program and no borrowings under the Liquidity Facility. On September 10, 2018, Bunge completed the sale and issuance of $600 million aggregate principal amount of 4.35% unsecured senior notes due March 15, 2024. The senior notes 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 on March 15, 2019. The net proceeds of the offering were approximately $594 million after deducting underwriting commissions and estimated offering expenses. Bunge used the net proceeds from this offering, together with available cash, to fund the purchase of the $600 million aggregate principal amount of 8.50% senior notes due 2019 (the "2019 Notes"). Concurrent to the new issuance, Bunge commenced a cash tender offer for the 2019 Notes, of which $283 million aggregate principal amount were successfully tendered and redeemed under this offer in the third quarter of 2018. This transaction resulted in a loss on extinguishment of debt of approximately $12 million, related to make-whole payments, and is included in the condensed consolidated statements of income for the three and nine months ending September 30, 2018. Following the completion of the cash tender offer, Bunge redeemed the remaining $317 million aggregate principal amount of the 2019 Notes. This transaction, which settled on October 11, 2018, resulted in a loss on extinguishment of debt of approximately $12 million, related to make-whole payments, and will be included in the consolidated statement of income for the year ending December 31, 2018. At September 30, 2018, Bunge had $4,072 million of unused and available borrowing capacity under its committed credit facilities totaling $5,515 million with a number of lending institutions. The fair value of Bunge’s long-term debt is based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair value of long-term debt are as follows:
|  | September 30, 2018 |  | December 31, 2017
(US$ in millions) |  | Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
Long-term debt, including current portion |  | $ | 5,243 |  |  | $ | 5,306 |  |  | $ | 4,175 |  |  | $ | 4,337 |
On May 1, 2018, in connection with Bunge's previously announced strategy to reduce its exposure to the sugar milling business in Brazil, Bunge entered into an unsecured $700 million, 5-year revolving credit facility, which upon fulfillment of certain conditions is convertible into a non-recourse secured term loan facility with the Company's sugar milling business as the borrower. This facility provides financial flexibility for Bunge to fund the sugar milling business on a stand-alone basis. Additionally, subject to lender approval, Bunge may request an increase, in an amount not to exceed $100 million, to the revolving credit facility commitments pursuant to an accordion provision set forth in the revolving credit facility. There were no borrowings outstanding under the revolving credit facility at September 30, 2018.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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