Ontario Teachers’ in $1 Billion Offering

April 7, 2020

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (Ontario Teachers’) in a Rule 144A/Reg. S offering of $1 billion 1.375% senior notes due 2025 guaranteed by the Ontario Teachers’ Pension Plan Board.

The joint bookrunning managers for the offering are BofA Securities, Citigroup Global Markets, HSBC Bank, and Scotia Capital. The co-managers for the offering are BMO Capital Markets, CIBC World Markets, Morgan Stanley, and TD Securities. The transaction launched on April 6, 2020, priced on April 7, 2020, and is expected to close on April 15, 2020.

Cleary represented Ontario Teachers’ in its inaugural bond offering in 2017 and its subsequent offerings in April 2018 and September 2019.

Ontario Teachers’ 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’. It 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.