PARIS--(BUSINESS WIRE)--Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) is raising approximately $1.2 billion of new debt financing 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.
It is anticipated that one or more of the joint book-runners will enter into transactions to hedge their respective positions in respect of the call options.
Total intends to use the net proceeds of the issuance of the bonds for general corporate purposes. The final terms of the bonds are expected to be announced later today.
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 document will be prepared in respect of the offering of the bonds.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
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