Ontario Teachers’ Finance Trust in Inaugural €1.5 Billion Offering

April 28, 2020

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Reg. S offering of €1.5 billion 0.5% senior notes due 2025 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are Barclays, BNP Paribas, BofA Securities, and J.P. Morgan. The co-managers for the offering are HSBC, Crédit Agricole CIB, and Goldman Sachs International. The transaction launched on April 27, 2020, priced on April 28, 2020, and is expected to sign on May 4, 2020, and close on May 6, 2020.

Cleary represented OTFT on its inaugural bond offering in 2017 and its subsequent USD offerings in April 2018, September 2019, and April 2020.

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.