Total to Raise $1.2 Billion of New Debt Financing

Total announced Wednesday that it is raising approximately $1.2 billion of new debt financing, which it intends to use “for general corporate purposes”, according to a company statement.

The financing will be raised through a structure combining the issue of non-dilutive cash-settled convertible bonds with the purchase of cash-settled call options, to hedge Total's exposure to the exercise of the conversion rights under the bonds. The combination of these two products will create a synthetic bond financing equivalent to a standard debt instrument with no dilution for shareholders. The bonds will have a seven year maturity.

The bonds will be offered via an accelerated book building process through a private placement only to institutional investors outside the United States, Australia, Canada and Japan. No prospectus, offering circular or similar documents, will be prepared in respect of the offering of the bonds.



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