White & Case Advises on Total's €1.5 Billion Euro-denominated Corporate Hybrid Bond Issuance and Cash Tender Offer for Existing Hybrid Bonds

Press Release
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Global law firm White & Case LLP has advised Citigroup and Crédit Agricole CIB as global coordinators, together with BoFA Merrill Lynch, Barclays, HSBC and SMBC Nikko as Dealer Managers and Joint Bookrunners, respectively, on the cash tender offer by Total S.A. for its existing €2.5 billion six-year non-call hybrid notes (2021 Notes) and/or its €1.75 billion six-year non-call hybrid Notes (2022 Notes) and the issuance of €1.5 billion five-year non-call hybrid notes.

The new hybrid notes pay an annual coupon of 1.75%, subject to a periodic interest rate step-up.

The securities will rank junior to all senior debt and, in accordance with IFRS, will be recognized as 100% equity. They will be assigned 50% "intermediate" equity content by S&P and Moody's rating agencies.

The bonds issued on April 4, 2019 are listed on the regulated market of Euronext Paris. The cash tender offer resulted in €1.5 billion in principal amount of the 2021 Notes being redeemed.

The White & Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro and Séverin Robillard, with assistance from partner Alexandre Ippolito, counsel Olga Fedosova and associate Guillaume Keusch.

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