Ontario Teachers’ Finance Trust in C$1 Billion Green Bond Offering

February 21, 2023

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Regulation S green bond offering under its global debt program of C$1 billion 4.15% senior notes due 2029 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., RBC Dominion Securities Inc., and TD Securities Inc. The co-managers for the offering are Merrill Lynch Canada Inc., National Bank Financial Inc., and Scotia Capital Inc. The transaction launched on February 21, 2023, priced on February 22, 2023, and is expected to close on March 1, 2023.

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.