Cleary Gottlieb has represented Ontario Teachers’ Finance Trust in a 144A/Reg S offering of USD2 billion 2.750 per cent senior notes due in 2021 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers).
The transaction launched on 9 April 2018, priced on 10 April 2018 and is expected to close on 17 April 2018.
The joint book-running managers for the offering are Citigroup Global Markets Limited, Goldman Sachs International and RBC Capital Markets, LLC. The co-managers for the offering are Barclays Bank PLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC.
Ontario Teachers’ Finance Trust (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 (the “Plan”), earns money through investing, and pays benefits to Plan members and their survivors.
Cleary also represented Ontario Teachers’ Finance Trust on its inaugural bond offering in 2017.
The Cleary corporate team includes partner Jeffrey Karpf, associate Michael (Mihalis) Gousgounis, and international lawyer Hamaad Mustafa. Senior attorney Marc Rotter consulted on matters relating to U.S. Investment Company Act of 1940. Partner Erika Nijenhuis and associate David Fisher consulted on tax matters. Partner Arthur Kohn consulted on ERISA matters. Associate Christina Edward consulted on UK matters. All lawyers are based in New York except for Christina Edward, who is based in London.