Cadillac Fairview in $800 Million Debt Offering

October 7, 2021

Cleary Gottlieb represented Ontario Teachers’ Cadillac Fairview Properties Trust (Cadillac Fairview) in its recent debt offering of $800 million aggregate principal amount of 2.5% senior unsecured notes due 2031.

The joint bookrunning managers for the offering are Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and TD Securities (USA) LLC. The co-managers for the offering are BofA Securities Inc., BMO Capital Markets Corp., National Bank of Canada Financial Inc., and RBC Capital Markets LLC.

The notes were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering priced on October 7, 2021, and is scheduled to close on October 15, 2021.

Cadillac Fairview is an unincorporated closed-end trust that was established under the laws of the Province of Ontario, whose beneficiaries are wholly owned subsidiaries of Ontario Teachers’ Pension Plan Board (Ontario Teachers’). The company intends to use the net proceeds from the notes primarily to repay debt owed to related parties of Ontario Teachers’ and for general business purposes.

Cadillac Fairview is one of the largest owners, operators, and developers of best-in-class office, retail, and mixed-use properties in North America. It has been wholly owned by Ontario Teachers’ since 2000. Ontario Teachers’ is a globally active investor with holdings in more than 50 countries across diversified sectors and asset classes. It, among other things, administers the assets of the Ontario Teachers’ Pension Plan, earns money through investing, and pays benefits to plan members and their survivors.