December 31,
(US$ in millions)		2004			2003
Payable in U.S. Dollars:
Senior notes, fixed interest rates of 4.38%
	to 7.80%, maturing 2007 through 2014	$	2,023		$	1,486
Convertible notes, fixed interest rate of
	3.75%, maturing 2022		250			250
Senior notes, fixed interest rates from
	7.23% to 7.94%, maturing through 2021		129			136
Trust certificates, fixed interest rates of
	8.61%, payable 2005		18			18
Note collateralized by future export
	commodity contracts, fixed interest
	rate of 8.09%, payable through 2006		34			54
Other notes payable, fixed interest rates from
	3.47% to 5.87%, payable through 2009		93			76
Long-term debt, variable interest rates
	indexed to LIBOR(1) plus 1.38% to 4.02%,
	payable through 2014		36			302
Other			3			7
Payable in Brazilian Reais:
BNDES(2) loans, variable interest rate
	indexed to IGPM(3) plus 6.5% to 7.9%,
	payable through 2008		134			152
Other			20			24
			2,740			2,505
Less: Installments due within one year			(140	)		(128	)
Total long-term debt		$	2,600		$	2,377

(1)	LIBOR as of December 31, 2004 and 2003 was 1.54% and 1.16%, respectively.
(2)	BNDES loans are Brazilian government industrial development loans.
(3)	IGPM is a Brazilian inflation index published by Fundação Getulio Vargas. The annualized rate for the years ended December 31, 2004 and 2003 was 12.42% and 8.71%, respectively.

In April 2004, Bunge completed the sale of $500 million aggregate principal amount of unsecured senior notes bearing interest at a rate of 5.35% per year that mature in April 2014. The senior notes were issued by Bunge's wholly owned finance subsidiary, Bunge Limited Finance Corp., and are fully and unconditionally guaranteed by Bunge. Interest on the senior notes is payable semi-annually in arrears in April and October of each year, commencing in October 2004. Bunge used the net proceeds of this offering of approximately $496 million for the repayment of other outstanding indebtedness.

At December 31, 2004, Bunge had approximately $1,297 million of unused and available borrowing capacity under its committed long-term credit facilities with a number of lending institutions.

Certain land, property, equipment and investments in consolidated subsidiaries having a net carrying value of approximately $633 million at December 31, 2004 have been mortgaged or otherwise collateralized against long-term debt of $178 million at December 31, 2004.

Principal maturities of long-term debt at December 31, 2004 are as follows:

(US$ in millions)
2005	$	140
2006		173
2007		152
2008		525
2009		70
Later years		1,680
Total	$	2,740

Bunge's indentures, credit facilities other long-term debt agreements and commercial paper program contain various restrictive covenants which require the satisfaction of certain financial covenants related to minimum net worth and working capital and a maximum long-term debt to net worth ratio. Bunge was in compliance with these covenants at December 31, 2004.

In 2004, 2003 and 2002, Bunge paid interest, net of interest capitalized, of $162 million, $152 million and $134 million, respectively.