Ontario Teachers’ Finance Trust’s €500 Million Green Bond Offering

Cleary Gottlieb Steen & Hamilton represented Ontario Teachers’ Finance Trust in the offering. Shearman & Sterling advised the agents.

Ontario Teachers’ Finance Trust (OTFT) announced a Regulation S green bond offering under its global debt program of €500 million 0.950% senior notes due 2051 guaranteed by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’).

The joint bookrunning managers for the offering are BNP Paribas, HSBC, J.P. Morgan and TD Securities. The co-managers for the offering are Barclays, Citigroup, Credit Agricole CIB and Goldman Sachs International. The transaction launched on November 17, 2021, priced on November 18, 2021 and is expected to close on November 24, 2021.

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.

The Cleary corporate team included partner Jeff Karpf (Picture), senior attorney Elizabeth Chang and associates David Taub and Anirudh Sivaram.

The Shearman & Sterling team included partner Jason Lehner and associate Ryan Robski.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Anirudh Sivaram – Cleary Gottlieb Steen & Hamilton; David Taub – Cleary Gottlieb Steen & Hamilton; Jason Lehner – Shearman & Sterling; Ryan Robski – Shearman & Sterling;

Law Firms: Cleary Gottlieb Steen & Hamilton; Shearman & Sterling;

Clients: Barclays Capital ; BNP Paribas; Citigroup Inc.; Crédit Agricole Corporate and Investment Bank; Goldman Sachs International; HSBC; J.P. Morgan Securities LLC; Ontario Teachers’ Finance Trust; TD Securities;