Ontario Teachers’ Finance Trust in €1 Billion Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg S bond offering under its global debt program of €1 billion 2.85% senior notes due 2031 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are Barclays Bank PLC, Deutsche Bank AG London Branch, J.P. Morgan Securities plc, and The Toronto-Dominion Bank. The co-managers for the offering are Citigroup Global Markets Limited, Morgan Stanley & Co. International plc, and Scotiabank (Ireland) Designated Activity. The transaction launched on May 27, 2025, priced on May 28, 2025, and is expected to close on June 4, 2025.

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.