Latham Advises Total in Connection with its Issuance of €1 Billion of Perpetual Notes

A Paris team advised the leading French oil & gas company on the transaction.

08/09/2020

Latham & Watkins advised TOTAL SE in connection with the issuance by TOTAL SE of €1 billion aggregate principal amount of perpetual subordinated notes and the partial repurchase via a tender offer regarding the perpetual subordinated notes issued by TOTAL S.A. on February 26, 2015 and admitted to trading on Euronext Paris, of which €1 billion aggregate principal amount were outstanding.

The new undated subordinated notes issued by TOTAL SE includes a first redemption at TOTAL SE’s option commencing 10 years from the issue date, and bear interest at 2.00% per annum until that date, with the rate resetting periodically every 5 years thereafter.

The notes will be subordinated to all senior debt and, in accordance with IFRS, will be fully recognized as equity. They will benefit from “intermediate” treatment (50%) from the rating agencies Moody's and S&P.

The notes, issued on September 4, 2020, are listed on the regulated market of Euronext Paris.

The Latham & Watkins capital markets team advising TOTAL SE consisted of partners Thomas Vogel and Thomas Margenet-Baudry assisted by associates Roberto Reyes Gaskin and Thibault Meynier. The tax aspects were handled by partner Olivia Rauch-Ravisé, assisted by associate Alexis Caminel.

 

 
 

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