Ontario Teachers’ Finance Trust in C$1 Billion Green Bond Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Rule 144A/Reg S green bond offering under its global debt program of C$1 billion 4.45% senior notes due 2032 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., and TD Securities Inc. The co-managers for the offering are Desjardins Securities Inc., HSBC Securities (Canada) Inc., and Scotia Capital Inc. The transaction launched on November 7, 2022, priced on November 8, 2022, and is expected to close on November 16, 2022.

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.