Legal DealFolio - Total Dual-Tranche Hybrid Bond Issuance

White and Case LLP advised Citigroup, as Structuring Adviser, Barclays as Joint Global Coordinator and HSBC and Societe Generale as Joint Bookrunners, on the issuance by Total S.A. of its two-tranche EUR5 billion undated deeply subordinated notes, the largest euro-denominated corporate hybrid bond issue to date. The two tranches, with an aggregate principal amount of EUR2.5 billion each, contain call options after six years and ten years, respectively. The six-year non-call tranche pays an annual coupon of 2.25 percent and the ten-year non-call tranche pays an annual coupon of 2.625 percent, each resettable periodically after the first call dates. The White and Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro and Philippe Herbelin with support from associates Gregoire Karila and Isabelle Toure-Farah. Partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax matters.

Deal Date:	09-03-2015	Practice Area:	Debt Capital Markets
Deal Title:	Total Dual-Tranche Hybrid Bond Issuance	Industry:	Oil & Gas Producers
Description:	White and Case LLP advised Citigroup, as Structuring Adviser, Barclays as Joint Global Coordinator and HSBC and Societe Generale as Joint Bookrunners, on the issuance by Total S.A. of its two-tranche EUR5 billion undated deeply subordinated notes, the largest euro-denominated corporate hybrid bond issue to date. The two tranches, with an aggregate principal amount of EUR2.5 billion each, contain call options after six years and ten years, respectively. The six-year non-call tranche pays an annual coupon of 2.25 percent and the ten-year non-call tranche pays an annual coupon of 2.625 percent, each resettable periodically after the first call dates. The White and Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro and Philippe Herbelin with support from associates Gregoire Karila and Isabelle Toure-Farah. Partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax matters.
Financial Center:	Paris	Value:	1000.01-5000.00
Advised Party:	Lead Manager	Law Firm	White & Case
Issuer Jurisdiction	France	Listing Jurisdiction	France
Classification:	Corporate Bonds Subordinated Debt	Lawyer	Cenzi Gargaro

Practice Areas -

Debt Capital Markets Law Firms and Lawyers

Practice Areas - Debt Capital Markets Law Firms and Lawyers