Ontario Teachers’ Finance Trust in €500 Million Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg S bond offering under its global debt program of €500 million 3.3% senior notes due 2029 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc, and The Toronto-Dominion Bank. The co-managers for the offering are Goldman Sachs International, HSBC Continental Europe, and Morgan Stanley & Co. International plc. The transaction launched on September 26, 2022, priced on September 27, 2022, and closed on October 5, 2022.

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, September 2021, and April 2022; its euro offerings in May 2021 and April 2022; and its inaugural GBP offering in November 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.