Ontario Teachers’ Finance Trust’s $2.0 Billion Notes Offering

Cleary Gottlieb acted as counsel to OTFT in the offering, while Shearman & Sterling advised bookrunners.

Ontario Teachers’ Finance Trust (OTFT) executed a 144A/Reg S offering under its Global Debt Program of $2.0 billion 0.875 percent senior notes due 2026 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint book-running managers for the offering are BofA Securities, CIBC Capital Markets, Citigroup and RBC Capital Markets. The co-managers for the offering are BMO Capital Markets, Morgan Stanley, National Bank of Canada Financial Markets and Scotiabank. The transaction launched on September 13, 2021, priced on September 14, 2021 and is expected to close on September 21, 2021.

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 and associates David Taub and Anirudh Sivaram. Associate Sanna Boeris is consulting on UK matters from London. All other lawyers are based in New York.

The Shearman & Sterling team included partner Jason Lehner, partner Larry Crouch, associate Ryan Robski, associate Austin Jones, and associate Josh Lokko.

Involved fees earner: Sanna Boeris – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Anirudh Sivaram – Cleary Gottlieb Steen & Hamilton; David Taub – Cleary Gottlieb Steen & Hamilton; Larry Crouch – Shearman & Sterling; Austin Jones – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Ryan Robski – Shearman & Sterling;

Law Firms: Cleary Gottlieb Steen & Hamilton; Shearman & Sterling;

Clients: Bank of America Securities; BMO Capital Markets; CIBC World Markets; Citigroup Inc.; Morgan Stanley; National Bank of Canada Financial Inc.; Ontario Teachers’ Finance Trust; RBC Capital Markets;