Shearman And Sterling

News April 19, 2018

Ontario Teachers’ $2 Billion Senior Notes Offering

Shearman & Sterling advised Citigroup Global Markets Limited, Goldman Sachs International and RBC Capital Markets, LLC, as joint book-running managers, and Barclays Bank PLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, 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 2.750% Senior Notes due 2021. The notes are guaranteed by OTFT’s parent, Ontario Teachers’ Pension Plan Board.

Subject to final approval, the notes will be 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, earns money through investing and pays retirement benefits to approximately 139,000 retired elementary and secondary school teachers in Ontario. The plan had net assets of C$189.5 billion as of December 31, 2017.

The Shearman & Sterling team below was supported by associate Aysuria Chang (London-Financial Institutions Advisory & Financial Regulatory).

The Team