Ontario Teachers’ in €2.5 Billion Offering

Cleary Gottlieb represented Ontario Teachers’ Finance Trust (OTFT) in a Regulation S offering under its global debt program of €1.25 billion 0.1% senior notes due 2028 and €1.25 billion 0.9% senior notes due 2041, each guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are Barclays, BofA Securities, Goldman Sachs International, and J.P. Morgan. The co-managers for the offering are BNP Paribas, Citigroup, HSBC, and TD Securities. The transaction launched on May 11, 2021, priced on May 12, 2021, is expected to sign on May 17, 2021, and is expected to close on May 19, 2021.

Cleary represented OTFT in its inaugural bond offering in 2017; its subsequent USD offerings in April 2018, September 2019, April 2020, September 2020, and April 2021; its inaugural euro offering in May 2020 and subsequent green euro offering in November 2020; and its inaugural Canadian dollar offering in October 2020. Cleary also represented Ontario Teachers’ Finance Trust in the launch of its global debt program in April 2021 and its first offering under the program, a USD bond offering in April 2021.

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.