Shearman And Sterling

News September 21, 2021

Ontario Teachers’ $2 Billion Senior Notes Offering

Shearman & Sterling advised BofA Securities, CIBC World Markets, Citigroup and RBC Capital Markets, as joint book-running managers, and BMO Capital Markets, Morgan Stanley, National Bank of Canada Financial Markets, as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) U.S. Rule 144A/Regulation S private placement of $2 billion aggregate principal amount of 0.875 percent senior notes due 2026. The notes were issued 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.

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$227.7 billion as of June 30, 2021.

The Shearman & Sterling team below included associate Josh Lokko (Toronto – Capital Markets).

The Team