By Andrea Heisinger
New York, Jan. 21 - Total Capital SA and Total Capital Canada Ltd. sold an upsized $2 billion of notes (Aa1/AA/AA) in three tranches on Friday, an informed source said.
The deal size was increased from $1.25 billion in two parts. A $750 million tranche of three-year floating-rate notes was added on reverse inquiry, the source said.
Total Capital Canada was issuer of both tranches with three-year maturities. Total Capital was issuer of the 10-year notes.
The $750 million of 1.625% three-year notes priced at 99.796 to yield 1.695% with a spread of Treasuries plus 65 basis points. They have a make-whole call at 10 bps over Treasuries.
A $500 million tranche of 4.125% 10-year notes sold at 99.248 to yield 4.218% with a spread of 80 bps over Treasuries. The notes have a make-whole call at 15 bps over Treasuries.
The $750 million of three-year floaters were sold at par to yield three-month Libor plus 38 bps.
Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Inc. were the active bookrunners. Passive bookrunners were RBS Securities Inc. and UBS Securities LLC.
Proceeds are being used for general corporate purposes.
The notes are guaranteed by parent oil company Total SA, which is based in Courbevoie, France.
| Issuers: | Total Capital, Total Capital Canada Ltd.
|
| Guarantor: | Total SA
|
| Issue: | Notes
|
| Amount: | $2 billion, increased from $1.25 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. Inc. (active), RBS Securities Inc., UBS Securities LLC (passive)
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Three-year floaters
|
| Issuer: | Total Capital Canada Ltd.
|
| Amount: | $750 million
|
| Maturity: | Jan. 17, 2014
|
| Coupon: | Three-month Libor plus 38 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 38 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Issuer: | Total Capital Canada Ltd.
|
| Amount: | $750 million
|
| Maturity: | Jan. 28, 2014
|
| Coupon: | 1.625%
|
| Price: | 99.796
|
| Yield: | 1.695%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
|
|
| 10-year notes
|
| Issuer: | Total Capital SA
|
| Amount: | $500 million
|
| Maturity: | Jan. 28, 2021
|
| Coupon: | 4.125%
|
| Price: | 99.248
|
| Yield: | 4.218%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
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