IFLR1000

Total $1.2 billion synthetic 0.5% convertible notes

25/11/2015
Convertible and hybrid securities, Derivatives
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Af 1.2 billion

$ 1.276 billion

Completed

25/11/2015

Overview:

  • French oil and gas group Total successfully issued $1.2 billion synthetic 0.5% convertible notes due December 2022. 
  • The bond is a non-dilutive cash convertible issuance, and is the first of its kind in France to be hedged through an ISDA call option. 
  • Crédit Agricole Corporate and Investment Bank, BNP Paribas and JPMorgan acted as joint lead managers. 

John Crabb - Journalist 

Jurisdiction:

France

Deal types:

Convertible and hybrid securities
Derivatives

Practice area:

Capital markets : Debt

Governing law:

France

Industry sector:

Oil and gas

Firms:
A&O Shearman

Party: Total (Issuer)

Lawyer: Hervé Ekué

White & Case

Party: Credit Agricole Corporate and Investment Bank (Joint lead manager)

Party: BNP Paribas (Joint lead manager)

Party: JPMorgan Chase (Joint lead manager)

Lawyers: Philippe Herbelin, Séverin Robillard

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