Ontario Teachers’ Finance Trust in £500 Million Offering

October 26, 2021

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Regulation S offering under its global debt program of £500 million 1.125% senior notes due 2026 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are Barclays, HSBC, RBC Capital Markets, and TD Securities. The co-managers for the offering are BMO Capital Markets, BofA Securities, Citigroup, and Goldman Sachs International. The transaction launched on October 25, 2021, priced on October 26, 2021, and is expected to close on November 2, 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, its USD bond offerings in April 2021 and September 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.