Ontario Teachers’ Finance Trust’s $1.75 Billion Senior Notes Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust in the offering.

Ontario Teachers’ Finance Trust issued a 144A/Reg S offering of $1.75 billion 1.625 percent senior notes due 2024 guaranteed by the Ontario Teachers’ Pension Plan Board.

The joint book-running managers for the offering are BofA Securities, Citigroup Global Markets, HSBC Bank, and RBC Capital Markets. The co-managers for the offering are BMO Capital Markets, BNP Paribas and Scotia Capital.

The transaction launched on September 4, 2019, priced on September 5, 2019 and is expected to close on September 12, 2019.

Ontario Teachers’ Finance Trust 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.

The Cleary corporate team included partner Jeffrey Karpf (Picture) and associates David Taub and Kobby Lartey. Senior attorney Marc Rotter is consulting on matters relating to U.S. Investment Company Act of 1940. Partner Erika Nijenhuis, senior attorney David Stewart Fisher and associate David Maranjian are consulting on tax matters. Associate James Healy and trainee solicitor Georgina Rawson are consulting on UK matters from London. All other lawyers are based in New York.

Involved fees earner: James Healy – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Steven Kobby Lartey – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Marc Rotter – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; David Taub – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Ontario Teachers’ Finance Trust;