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.


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.



Avertissement : Nous vous remercions de l’intérêt que vous portez à Latham & Watkins. Si vous souhaitez nous confier un dossier mais que vous n'êtes pas encore client du cabinet, merci de ne nous transmettre aucune information confidentielle. Nous ne pouvons pas accepter un dossier avant de nous être assurés que nous sommes en mesure de vous assister et d’avoir trouvé un accord avec vous sur les termes et conditions de notre intervention. Dans la mesure où nous n’aurons pas de relation avocat-client avec vous auparavant, nous n’aurons aucune obligation de confidentialité à l’égard des informations que vous nous auriez transmises. Merci de votre compréhension.