Ontario Teachers’ Finance Trust in C$1.25 Billion Offering

October 14, 2020

Cleary Gottlieb is representing Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg. S offering of C$1.25 billion of its 1.1% senior notes due 2027, guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, Scotiabank, and TD Securities. The co-managers for the offering are Desjardins Securities Inc. and National Bank Financial Inc. The transaction launched October 13, 2020, priced on October 14, 2020, and is expected to close on October 19, 2020.

Cleary represented OTFT in its inaugural bond offering in 2017, its subsequent USD offerings in April 2018, September 2019, April 2020, and September 2020, and its inaugural euro offering in May 2020.

OTFT 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’. 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.