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.