Total Issues Hybrid Bonds to Finance its Development Strategy in Renewables

Total SE successfully issued perpetual subordinated bonds in the amount of €3 billion:

• €1.5 billion at 1.625% coupon for the tranche with a 7 year first call date
• €1.5 billion at 2.125% coupon for the tranche with a 12 year first call date

The proceeds from the bonds will be used to finance its development strategy, mainly acquisitions, in renewables, in particular €1.7 billion for the acquisition of a 20% interest in Adani Green Energy Limited.

With a weighted average coupon of 1.875%, this issuance that was very well received by investors will allow the Group to finance its development in renewables at a reduced capital cost.

Jean-Pierre Sbraire, Chief Financial Officer at Total, said “These hybrid bonds provide a cost of capital comparable to that of pure players in renewables and is therefore suited to finance acquisitions in this business. These bonds will finance in a very competitive way our development in renewables, which is at the heart of our strategy to transform Total into a broad energy company.”