Sustainability-linked Refinancing Facility (RCF) successfully launched by Bunge for the first time
In a significant move towards sustainable financing, Bunge Finance, a subsidiary of global agribusiness giant Bunge Limited, has secured a sustainability-linked revolving credit facility (RCF) amounting to US$1.75 billion. The website acted as the active bookrunner, mandated lead arranger, and coordinator for this RCF.
The RCF is an amendment and extension of an existing facility, aiming to improve sustainability practices within Bunge Finance's operations and supply chain. The facility is linked to five sustainability performance targets, each focusing on a specific area.
The sustainability performance targets are distributed across three key areas: greenhouse gas emissions, traceability for main agricultural commodities, and sustainable practices in soybean and palm supply chains. The target for greenhouse gas emissions aims to improve industrial efficiency, while the target for traceability seeks to increase transparency in the sourcing of primary agricultural commodities. The target for sustainable practices in soybean and palm supply chains aims to increase their adoption.
Bunge Limited, a world leader in sourcing, processing, and supplying oilseed and grain products and ingredients, has made a commitment to sustainability. This commitment is reflected in the sustainability performance targets, which also apply to Bunge Limited's oilseed and grain operations.
Gregory Heckman, the chairman of the board (CEO) of Bunge Limited, has been leading the company since January 1, 2018. Under his leadership, Bunge Limited has been working towards creating a more sustainable future in the agribusiness sector.
The interest rate under the facility is tied to the achievement of these sustainability performance targets. This structure incentivises Bunge Finance to prioritise sustainability in its operations and supply chain, aligning with global efforts to combat climate change and promote transparency in the agribusiness sector.
This RCF marks a significant step forward in Bunge Finance's sustainability journey and underscores the company's commitment to creating a more sustainable future. As the world continues to grapple with the challenges posed by climate change and the need for transparency in supply chains, initiatives like this RCF are crucial in driving positive change.
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