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Cleary Gottlieb Steen & Hamilton LLP

11/19/2020 | News release | Distributed by Public on 11/20/2020 09:58

Ontario Teachers’ Finance Trust in Inaugural €750 Million Green Bond Offering

Cleary Gottlieb is representing Ontario Teachers' Finance Trust (OTFT) in a Reg. S offering of €750 million of its 0.05% senior notes due 2030, guaranteed by the Ontario Teachers' Pension Plan Board (Ontario Teachers').

The joint bookrunning managers for the offering are BNP Paribas, Citigroup, Crédit Agricole CIB, and HSBC. The co-managers for the offering are Barclays, Goldman Sachs International, and J.P. Morgan. The transaction launched on November 18, 2020, priced on November 19, 2020, and is expected to sign on November 23, 2020 and close on November 25, 2020.

Cleary represented OTFT in its inaugural bond offering in 2017; its subsequent USD offerings in April 2018, September 2019, April 2020, and September 2020; and its inaugural euro and Canadian dollar offerings in May 2020 and October 2020, respectively.

OTFT is an unincorporated closed-end trust that was established under the laws of the Province of Ontario, whose beneficiaries are wholly owned subsidiaries of Ontario Teachers'. Ontario Teachers' is a globally active investor with holdings in more than 50 countries across diversified sectors and asset classes. It, among other things, administers the assets of the Ontario Teachers' Pension Plan, earns money through investing, and pays benefits to plan members and their survivors.