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Total has successfully issued Hybrid Bonds to finance its development strategy in Renewables

Total SE today 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.”