Shearman And Sterling

News September 16, 2019

Ontario Teachers’ Finance Trust’s $1.75 Billion Senior Notes Offering

Shearman & Sterling advised BofA Securities, Inc., Citigroup Global Markets Limited, HSBC Bank plc and RBC Capital Markets, LLC, as joint book-running managers, and BMO Capital Markets Corp., BNP Paribas and Scotia Capital (USA) Inc., as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) U.S. Rule 144A/Regulation S private placement of US$1.75 billion aggregate principal amount of 1.625% senior notes due 2024. 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 and manages the assets for the benefit of approximately 327,000 active and retired teachers in Ontario. The Plan had net assets of C$201.4 billion as of June 30, 2019.

The Team