Shearman And Sterling

News May 19, 2021

Ontario Teachers’ €2.5 Billion Senior Notes Offering

Shearman & Sterling advised Barclays Bank, Goldman Sachs International, J.P. Morgan Securities, and Merrill Lynch International, as joint book-running managers, and BNP Paribas, Citigroup Global Markets Limited, HSBC Continental Europe and The Toronto-Dominion Bank, as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) Regulation S-only private placement of €1.25 billion aggregate principal amount of 0.100% Senior Notes due 2028 and €1.25 billion aggregate principal amount of 0.900% Senior Notes due 2024. The notes were the first Euro-denominated issuance under OTFT's global debt program, and are guaranteed by OTFT’s parent, Ontario Teachers’ Pension Plan Board.

The notes were listed on the Official List of the Irish Stock Exchange (now trading as Euronext Dublin) and admitted to trading on its Global Exchange Market (GEM).

Ontario Teachers’ Pension Plan Board is a globally active investor with holdings in more than 50 countries across diversified sectors and asset classes. It administers the assets of the Ontario Teachers’ Pension Plan and manages the assets for the benefit of approximately 331,000 active and retired teachers in Ontario. The Plan had net assets of C$221.2 billion as of December 31, 2020.

The Shearman & Sterling team below was supported by Josh Lokko.

The Team