v3.20.2

DEBT | 9 Months Ended
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Sep. 30, 2020
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, 2020, there were $398 million of borrowings outstanding under the commercial paper program and no borrowings under the Liquidity Facility, and at December 31, 2019, there were no borrowings outstanding under the commercial paper program and no borrowings outstanding under the Liquidity Facility. On August 17, 2020, Bunge completed the sale and issuance of $600 million aggregate principal amount of 1.630% unsecured senior notes (“Notes”) due August 17, 2025. The Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-231083) filed by the Company and its 100% owned finance subsidiary Bunge Limited Finance Corp. with the U.S. Securities and Exchange Commission. Interest on the Notes is payable semi-annually in arrears in February and August of each year, commencing on February 17, 2021. At any time prior to July 17, 2025 (one month before maturity of the Notes), the Company may elect to redeem and repay the Notes, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed on the redemption date. The net proceeds of the offering were approximately $595 million after deducting underwriting commissions, the original issue discount and offering fees and expense payable by Bunge. Bunge used the net proceeds from this offering for general corporate purposes, including the repayment of certain short-term debt that included borrowings under the commercial paper program. At September 30, 2020, Bunge had $3,617 million of unused and available borrowing capacity under its committed credit facilities totaling $4,315 million with a number of lending institutions. At December 31, 2019, Bunge had $4,315 million of unused and available borrowing capacity under its committed long-term credit facilities with a number of lending institutions. In addition to committed facilities, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At September 30, 2020 and December 31, 2019 there were $217 million and no borrowings, respectively, outstanding under these bilateral short-term credit lines. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $695 million and $771 million in short-term borrowings outstanding under local bank lines of credit at September 30, 2020 and December 31, 2019, respectively, to support working capital requirements. The fair value of Bunge’s long-term debt is based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair value of long-term debt are as follows:
|  | September 30, 2020 |  | December 31, 2019
(US$ in millions) |  | Carrying Value |  | Fair Value (Level 2) |  |  |  | Carrying Value |  | Fair Value (Level 2) |  |
Long-term debt, including current portion |  | $ | 4,928 |  |  | $ | 5,017 |  |  |  |  | $ | 4,223 |  |  | $ | 4,319 |  |  |

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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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