Shearman And Sterling

News September 19, 2017

Shearman & Sterling Advises on Ontario Teachers’ $1.75 Billion Inaugural Senior Notes Offering

Shearman & Sterling advised Goldman Sachs International, J.P. Morgan Securities and RBC Capital Markets, as joint book-running managers, and Barclays Bank, BMO Capital Markets and CIBC World Markets, as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) inaugural U.S. Rule 144A/Regulation S private placement of $1.75 billion of senior notes. The notes, which pay interest at a rate of 2.125% due 2022, are guaranteed by OTFT’s parent company, Ontario Teachers’ Pension Plan Board.

Subject to final approval, the notes will be listed on the Official List of the Irish Stock Exchange (ISE) 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, earns money through investing and pays benefits to approximately 387,000 active, deferred and retired teachers who are or were providing elementary and secondary school education in Ontario. The plan had net assets of C$180.5 billion as of June 30, 2017.

The Team