Ontario Teachers’ Finance Trust in $1.5 Billion Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg S senior notes offering under its global debt program of $1.5 billion 4.25% senior notes due 2028 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BofA Securities Inc., Citigroup Global Markets Limited, National Bank of Canada Financial Inc., and RBC Capital Markets LLC. The co-managers for the offering are Deutsche Bank AG London Branch, HSBC Bank plc, Morgan Stanley & Co. International plc, and Scotia Capital (USA) Inc. The transaction launched on April 17, 2023, priced on April 18, 2023, and is expected to close on April 25, 2023.

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.