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Total accepts tenders for 703.31 million of undated notes at 101.174
By Taylor Fox
New York, Sept. 3 Total SE received tenders for 703,313,000 of notes under its offer to partially repurchase some of its 1 billion undated deeply subordinated fixed rate resettable notes with a first call date of Feb. 26, 2021 (ISIN: XS1195201931), according to a news release.
The maximum acceptance amount of the tender offer will be the tendered 703,313,000.
The notes will be redeemed at a price of 101.174.
The remaining outstanding principal amount of notes following settlement of the tender offer will be 296,687,000.
The purpose of the tender offer, and the concurrent issuance of 1 billion new undated non-call 10-year deeply subordinated fixed-rate resettable notes with an initial coupon of 2%, is to proactively manage Totals hybrid portfolio while maintaining the size of the stock of outstanding hybrid notes at the around the same level, the company said.
Total SE, shifted from Total SA, after registration as a European entity in July, is an oil and gas company based in Paris.
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