Shearman And Sterling

News June 01, 2023

CDP Financial’s $500 Million Floating Rate Notes Offering

Shearman & Sterling represented BMO Capital Markets in connection with a Rule 144A/Regulation S offering by CPD Financial Inc. of C$500 million aggregate principal amount of Floating Rate Notes due 2025 under its $25 billion Senior Notes Program. This was an offering of additional Floating Rate Notes due 2025, which were originally issued by CDP Financial Inc. in May 2023. Notes issued under the Program are fully and unconditionally guaranteed by Caisse de dépôt et placement du Québec (Caisse), parent company of CDP Financial Inc.

Caisse is one of Canada’s leading institutional asset managers, based on assets under management, and is a mandatary (a limited, agent-like status) of the Government of Québec. As at December 31, 2022, it held C$402 billion in net assets. Caisse is, by law, the sole asset manager for the majority of the public-sector pension and insurance plans of the Province of Québec.

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