White Plains / NY. (bl) Bunge Limited, a leader in agriculture, food and ingredients, and BP PLC announced that they have completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combines their Brazilian bioenergy and sugarcane ethanol businesses. BP Bunge Bioenergia is now the second largest operator by effective crushing capacity in the Brazilian bioethanol market. As part of the transaction, Bunge received cash proceeds of USD 775 million, comprising of USD 700 million of non-recourse Bunge debt that was assumed by the joint venture at closing, and USD 75 million from BP, before customary closing adjustments. The proceeds were used to reduce outstanding indebtedness under the Company’s credit facilities. The non-recourse debt was arranged by a syndicate of banks, led by Sumitomo Mitsui Banking Corporation, ABN Amro Bank N.V. and ING Bank N.V. Itaú BBA acted as exclusive financial advisor to Bunge, and Lefosse Advogados acted as legal counsel.