Ontario Teachers’ Finance Trust’s C$1.25 Billion Notes Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust in the transaction, while Shearman & Sterling advised joint book-running managers and co-managers.

Ontario Teachers’ Finance Trust (OTFT) completed a Rule 144A/Reg. S offering of C$1.25 billion of its 1.10% senior notes due 2027, guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’). The transaction launched October 13, 2020, priced on October 14, 2020 and is expected to close on October 19, 2020.

The joint book-running managers for the offering are BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, Scotiabank and TD Securities. The co-managers for the offering are Desjardins Securities Inc. and National Bank Financial Inc.

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 and associate Kobby Lartey. Senior attorney David Stewart Fisher, associate David Maranjian, and law clerk Zhiyuan Zuo advised on tax matters.

Shearman & Sterling advised joint book-running managers and co-managers with Jason Lehner, Larry Crouch, Thomas Majewski, Ryan Robski, Daniel Kachmar, and Nicole Bennewies.

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; Nicole Bennewies – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Thomas Majewski – Shearman & Sterling; Ryan Robski – Shearman & Sterling;

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

Clients: BMO Nesbitt Burns Inc; CIBC World Markets; Desjardins Securities Inc.; Ontario Teachers’ Finance Trust; RBC Dominion Securities Inc.; Scotia Capital Inc.; TD Securities;

Author: Ambrogio Visconti