Ontario Teachers’ Finance Trust in $2 Billion Offering

April 13, 2018

Cleary Gottlieb represents Ontario Teachers’ Finance Trust in a 144A/Reg S offering of $2 billion 2.750 percent senior notes due 2021 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers).

Cleary represented Ontario Teachers’ Finance Trust on its inaugural bond offering in 2017. The joint book-running managers for the offering are Citigroup Global Markets Limited, Goldman Sachs International, and RBC Capital Markets, LLC. The co-managers for the offering are Barclays Bank PLC, Scotia Capital (USA) Inc., and TD Securities (USA) LLC. The transaction launched on April 9, 2018, priced on April 10, 2018, and is expected to close on April 17, 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’. Ontario Teachers’ is a globally active investor with holdings in more than 50 countries across diversified sectors and asset classes. Among other things, it administers the assets of the Ontario Teachers’ Pension Plan, earns money through investing, and pays benefits to Plan members and their survivors.