Global agribusiness and food giant Bunge Ltd has completed its offering of 16.1 million common shares, and revealed that its lead underwriters exercised the overallotment option for an additional 2.35 million common shares.
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The offering was priced at US$19 per share and raised approximately US$291.9m in net proceeds for Bunge after expenses. Bunge will use the offering proceeds to buy back shares from minority shareholders of certain Brazilian subsidiaries and to reduce indebtedness under its commercial paper program.
Including the issuance of new shares in the offering, Bunge’s total issued and outstanding shares are 99,248,733.
Certain selling shareholders also sold shares in the offering. Bunge did not receive proceeds from such sales.
Morgan Stanley and Credit Suisse First Boston led the offering, which was co-managed by Credit Lyonnais Securities (USA) Inc., Deutsche Banc Alex. Brown, Merrill Lynch & Co., Prudential Securities and Salomon Smith Barney.
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