Cleary Gottlieb represented Ontario Teachers’ Finance Trust in the transaction.
Ontario Teachers’ Finance Trust (OTFT) executed a Rule 144A/Reg. S offering of $1.5 billion of its 0.375% senior notes due 2023 and $1.5 billion of its 1.250% senior notes due 2030, each guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).
The joint book-running managers for the offering are Barclays, J.P. Morgan, RBC Capital Markets and TD Securities. The co-managers for the offering are BNP Paribas, CIBC Capital Markets, Goldman Sachs International, National Bank of Canada Financial Markets and Scotiabank. The transaction launched September 23, 2020, priced on September 24, 2020 and is expected to close on September 29, 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.
The Cleary corporate team advising OTFT included partner Jeff Karpf (Picture), senior attorney Elizabeth Chang, law clerk Stephen Janda, and associate Kobby Lartey. Senior attorney David Stewart Fisher, associate David Maranjian, and law clerk Zhiyuan Zuo advised on tax matters. Associate Mohammed Taha advised on UK matters.
Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Steven Kobby Lartey – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Mohammed Taha – Cleary Gottlieb Steen & Hamilton;
Law Firms: Cleary Gottlieb Steen & Hamilton;
Clients: Ontario Teachers’ Finance Trust;