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DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes Bunge's short and long-term debt:
(US$ in millions)June 30,
2024		December 31,
2023
Short-term debt and Current portion of long-term debt:
 
Revolving credit facilities$— $— 
Commercial paper (1)
— — 
Other short-term debt 949 797 
Total Short-term debt 949 797
Current portion of long-term debt5 5 
Total Short-term debt and Current portion of long-term debt (2)
954 802 
Long-term debt: (3)
  
Term loan due 2025 - SOFR plus 0.90%
750 750 
Term loan due 2027 - SOFR plus 1.125%
250 250 
Term loan due 2028 - SOFR plus 1.325%
249 249 
1.63% Senior Notes due 2025
599 598 
3.25% Senior Notes due 2026
699 698 
3.75% Senior Notes due 2027
598 597 
2.75% Senior Notes due 2031
992 991 
Cumulative adjustment to long-term debt from application of hedge accounting(281)(260)
Other long-term debt235 212 
 Subtotal (4)
4,091 4,085 
Less: Current portion of long-term debt(5)(5)
Total Long-term debt (5)
4,086 4,080 
Total debt$5,040 $4,882 
(1)    On April 12, 2024, Bunge increased the aggregate size of its existing commercial paper program by $1 billion to an aggregate of $2 billion.
(2)    Includes secured debt of $227 million and $200 million at June 30, 2024, and December 31, 2023, respectively.
(3)    Variable interest rates are as of June 30, 2024.
(4)    The fair value (Level 2) of long-term debt, including current portion, is $4,137 million and $4,125 million at June 30, 2024, and December 31, 2023, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge.
(5)    Includes secured debt of $119 million and $100 million at June 30, 2024, and December 31, 2023, respectively.
Updates to Revolving Credit Facilities
On March 1, 2024, Bunge entered into an unsecured $3.2 billion 5-year revolving credit agreement (the "$3.2 Billion Revolving Credit Agreement") with a group of lenders, maturing on March 1, 2029. Bunge may from time to time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $1.5 billion, pursuant to an accordion provision. Current commitments in the aggregate amount of $1.95 billion are available to be drawn. Incremental commitments in the aggregate amount of $1.25 billion are available to be drawn on and after the date Bunge completes its acquisition of Viterra, subject to the satisfaction of certain conditions. Therefore, upon completion of the acquisition of Viterra, the total committed capacity will be an aggregate of $3.2 billion. The $3.2 Billion Revolving Credit Agreement replaced an existing $1.95 billion 5-year revolving credit agreement which was terminated on March 1, 2024.
On March 1, 2024, Bunge exercised the accordion provision set forth in its existing unsecured $1.75 billion 3-year revolving facility agreement (as amended, the "$3.5 Billion Revolving Facility Agreement") in an aggregate amount of additional committed capacity of $1.75 billion which is available to be drawn on and after the date Bunge completes its acquisition of Viterra. Upon completion of the acquisition of Viterra, the total committed capacity will be an aggregate of $3.5 billion. The funding cost is also subject to certain premiums or discounts tied to certain sustainability criteria, including, but not limited to, SBTs that define Bunge’s climate goals within its operations and a commitment to eliminate deforestation in its supply chains in 2025. The $3.5 Billion Revolving Credit Agreement matures on October 6, 2026.
Further, on April 12, 2024, Bunge amended and restated its existing $1.1 billion 364-day revolving credit agreement (the “$1.1 Billion 364-day Revolving Credit Agreement”) with a group of lenders, to extend the maturity date from June 19, 2024 to April 11, 2025. Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1.1 Billion 364-day Revolving Credit Agreement by an aggregate amount up to $250 million, pursuant to an accordion provision.
Viterra Acquisition Financing
As described in Note 2 - Acquisitions and Dispositions, Bunge has secured a total of $8.0 billion in Acquisition Financing in the form of a $7.7 billion financing commitment from a consortium of lenders, arranged by Sumitomo Mitsui Banking Corporation and a $300 million 5-year delayed draw term loan from CoBank and the U.S. farm credit system executed July 7, 2023 that may be drawn upon the closing of the Acquisition. The $7.7 billion financing commitment is in the form of a three tranche term loan maturing 364-days, 2-years and 3-years from closing of the Acquisition.