By Andrea Heisinger
New York, Jan. 10 - Total Capital Canada Ltd. and Total Capital International priced $3.25 billion of notes (Aa1/AA-/) in four parts on Thursday, an informed source said.
The sale included $1 billion of three-year floating-rate notes priced at par to yield Libor plus 38 basis points. The notes are non-callable.
A $1 billion tranche of 1.45% five-year notes was sold at 99.904 to yield 1.47% with a spread of 68 bps over Treasuries. Pricing was at the tight end of talk that was in the 70 bps area, the source said.
There is a make-whole call at Treasuries plus 12.5 bps.
The third part was $1 billion of 2.75% notes due 2023 priced at 99.819 to yield 2.77% with a spread of Treasuries plus 88 bps. The notes sold at the low end of guidance in the 90 bps area.
The tranche has a make-whole call at Treasuries plus 15 bps.
An added tranche came from Total Capital International, which reopened an issue of 0.75% notes due Jan. 25, 2016 to add $250 million. Pricing was at 99.734 to yield 0.84% with a spread of Treasuries plus 48 bps.
There is a make-whole call at Treasuries plus 10 bps.
Total issuance for the 0.75% notes is now $750 million, including $500 million priced at Treasuries plus 43 bps on Sept. 18, 2012.
Barclays, Bank of America Merrill Lynch and Morgan Stanley & Co. LLC were the active bookrunners. Passive bookrunners were RBC Capital Markets LLC and Societe Generale.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by parent company Total SA, based in Courbevoie, France.
The unit of the oil and gas company is based in Calgary, Alta.
| Issuer: | Total Capital Canada Ltd., Total Capital International
|
| Guarantor: | Total SA
|
| Issue: | Notes
|
| Amount: | $3.25 billion
|
| Bookrunners: | Barclays, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC (active), RBC Capital Markets LLC, Societe Generale (passive)
|
| Trade date: | Jan. 10
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
|
|
| Three-year floaters
|
| Issuer: | Total Capital Canada Ltd.
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2016
|
| Coupon: | Libor plus 38 bps
|
| Price: | Par
|
| Yield: | Libor plus 38 bps
|
| Settlement date: | Jan. 17
|
| Call: | Non-callable
|
|
|
| Five-year notes
|
| Issuer: | Total Capital Canada Ltd.
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2018
|
| Coupon: | 1.45%
|
| Price: | 99.904
|
| Yield: | 1.47%
|
| Spread: | Treasuries plus 68 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps
|
| Settlement date: | Jan. 17
|
| Price talk: | 70 bps area
|
|
|
| 10-year notes
|
| Issuer: | Total Capital Canada Ltd.
|
| Amount: | $1 billion
|
| Maturity: | July 15, 2023
|
| Coupon: | 2.75%
|
| Price: | 99.819
|
| Yield: | 2.77%
|
| Spread: | Treasuries plus 88 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Settlement date: | Jan. 17
|
| Price talk: | 90 bps area
|
|
|
| Reopened notes due 2016
|
| Issuer: | Total Capital International
|
| Amount: | $250 million
|
| Maturity: | Jan. 25, 2016
|
| Coupon: | 0.75%
|
| Price: | 99.734
|
| Yield: | 0.84%
|
| Spread: | Treasuries plus 48 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Settlement date: | Jan. 25
|
| Price talk: | Low 40 bps area
|
| Total issuance: | $750 million, including $500 million priced on Sept. 18, 2012
|
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