Shearman & Sterling represented RBC Capital Markets, CIBC Capital Markets, TD Securities, BMO Capital Markets, Casgrain & Company Limited, Desjardins Capital Markets, Laurentian Bank Securities, National Bank Financial Markets and Scotiabank in connection with a Regulation S offering by PSP Capital Inc. of C$1 billion aggregate principal amount of 4.440% Senior Notes due 2030. The notes were issued under PSP Capital’s debt issuance program, and are guaranteed by PSP Capital’s parent, Public Sector Pension Investment Board (PSPIB).
PSPIB expects that an amount equivalent to the net proceeds of the notes issuance will be allocated to fund a selection of investments in accordance with PSPIB’s Green Bond Framework. Eligible investment categories include: (1) renewable energy; (2) energy efficiency; (3) pollution prevention and control; (4) environmentally sustainable management of living natural resources and land use; (5) sustainable water and wastewater management; (6) circular economy adapted products, production technologies and processes, (7) green buildings; and (8) clean transportation.
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.
PSPIB is one of Canada’s largest pension investment managers, based on assets under management. PSPIB manages and invests assets in the best interests of the contributors and beneficiaries of the pension plans of the Canadian federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSPIB had net assets of C$243.7 billion as of March 31, 2023.