Ontario Teachers’ Finance Trust in $2 Billion Offering

September 14, 2021

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg S offering under its global debt program of $2 billion 0.875% senior notes due 2026 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BofA Securities, CIBC Capital Markets, Citigroup, and RBC Capital Markets. The co-managers for the offering are BMO Capital Markets, Morgan Stanley, National Bank of Canada Financial Markets, and Scotiabank. The transaction launched on September 13, 2021, priced on September 14, 2021, and is expected to close on September 21, 2021.

Cleary represented OTFT in its inaugural bond offering in 2017; its subsequent USD offerings in April 2018, September 2019, April 2020, and September 2020; its inaugural euro offering in May 2020 and subsequent green euro offering in November 2020; and its inaugural Canadian dollar offering in October 2020. Cleary also represented OTFT in the launch of its global debt program in April 2021 and its USD bond offering in April 2021 and its euro offering in May 2021 under the program.

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.