Bunge, an agribusiness and food company, and BP, a multinational oil and gas company, completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combines their Brazilian bioenergy and sugarcane ethanol businesses. As part of the transaction, Bunge received cash proceeds of $775m, comprising of $700m of non-recourse Bunge debt that was assumed by the joint venture at closing, and $75m from BP, before customary closing adjustments. The proceeds were used to reduce outstanding indebtedness under the company's credit facilities.