Cadillac Fairview in $800 Million Debt Offering

Cleary Gottlieb was counsel to Cadillac Fairview Properties Trust (Cadillac Fairview) in its recent debt offering of $800 million aggregate principal amount of 4.125% senior unsecured notes due 2029.

The notes were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering priced on January 28, 2019, and closed on February 1, 2019.

Cadillac Fairview 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’ Pension Plan Board (Ontario Teachers’). The company intends to use the net proceeds from the notes primarily to repay debt owed to related parties of Ontario Teachers’ and for general business purposes.

Cadillac Fairview is one of the largest owners, operators, and developers of best-in-class office, retail, and mixed-use properties in North America. It has been wholly owned by Ontario Teachers’ since 2000. Ontario Teachers’is a diversified global investor and administers the pensions of more than 300,000 active and retired school teachers.