Ontario Teachers’ Finance Trust in $1.5 Billion Senior Notes Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A / Regulation S senior notes offering under its global debt program of $1.5 billion 4.625% senior notes due 2029 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint book-running managers for the offering are BNP Paribas, J.P. Morgan Securities plc, National Bank of Canada Financial Inc., and TD Securities (USA) LLC. The co-managers for the offering are BMO Capital Markets Corp., Deutsche Bank AG, London Branch, Morgan Stanley & Co. International plc, and Scotia Capital (USA) Inc. The transaction launched on April 2, 2024, priced on April 3, 2024 and is expected to close on April 10, 2024.

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.