Ontario Teachers’ Finance Trust in $1.75 Billion Offering

September 12, 2019

Cleary Gottlieb is representing Ontario Teachers’ Finance Trust in a Rule 144A/Reg S offering of $1.75 billion 1.625% senior notes due 2024 guaranteed by the Ontario Teachers’ Pension Plan Board.

The joint bookrunning managers for the offering are BofA Securities, Citigroup Global Markets, HSBC Bank and RBC Capital Markets.  The co-managers for the offering are BMO Capital Markets, BNP Paribas, and Scotia Capital (USA).  The transaction launched on September 4, 2019, priced on September 5, 2019, and closed on September 12, 2019.

Cleary represented Ontario Teachers’ in its inaugural bond offering in 2017 and its subsequent offering in April 2018.

Ontario Teachers Finance Trust 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’ Pension Plan Board 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.