Ontario Teachers’ Finance Trust’s $1.5 Billion Notes Offering

Cleary Gottlieb Steen & Hamilton LLP acted as counsel to Ontario Teachers’ Finance Trust in the offering.

Ontario Teachers’ Finance Trust (OTFT) executed a 144A/Reg S offering under its Global Debt Program of $1.5 billion 2.000 percent senior notes due 2031 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint book-running managers for the offering are BMO Capital Markets, HSBC, J.P. Morgan and RBC Capital Markets. The co-managers for the offering are CIBC Capital Markets, Morgan Stanley, National Bank of Canada Financial Markets, Scotiabank and TD Securities. 

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.

The Cleary Gottlieb corporate team included partner Jeffrey Karpf (Picture), senior attorney Elizabeth Chang, associate David Taub and law clerk Anirudh Sivaram. Partner Jason Factor, senior attorney David Stewart Fisher and associates David Maranjian and Adriana de Bartolo consulted on tax matters. Associate Mohamed Taha consulted on UK matters from London.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Adriana de Bartolo – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Mohamed Taha – Cleary Gottlieb Steen & Hamilton; David Taub – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Ontario Teachers’ Finance Trust;

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Martina Bellini

Author: Martina Bellini