Transaction|January 24, 2011
Cadillac Fairview Finance Trust completes private placement of C$2 billion of guaranteed debentures
Torys acted as counsel to Ontario Teachers' Pension Plan Board with a team that included David Dell, Glen Johnson, John Cameron and Michael Zackheim (corporate/securities) and John Unger (tax).
On January 24, 2011, Cadillac Fairview Finance Trust (the Trust) issued, by way of private placement, C$1.25 billion principal amount of 3.24% Series A Debentures due January 25, 2016 and C$750 million principal amount of 4.31% Series B Debentures due January 25, 2021 (collectively, the debentures) for total gross proceeds of C$2.0 billion (the offering). The debentures were offered for sale on a best efforts basis by a syndicate of agents co-led by TD Securities Inc. and RBC Dominion Securities Inc. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Scotia Capital Inc.
The Trust will lend the proceeds of the offering to one or more of the entities comprising the real estate portfolio of Ontario Teachers' Pension Plan Board (OTPP), referred to as the Cadillac Fairview Group. The debentures are direct, unsecured obligations of the Trust and will rank pari passu with all present and future unsecured indebtedness of the Trust.
The debentures are unconditionally and irrevocably guaranteed by OTPP as to payment of principal, premium (if any), interest and any make-whole amount payable. Each of the Series A and Series B debentures have been assigned a rating of "AAA" by each of DBRS Limited and Standard & Poor's Ratings Service.
Further information is found on Marketwire's website.
The Trust will lend the proceeds of the offering to one or more of the entities comprising the real estate portfolio of Ontario Teachers' Pension Plan Board (OTPP), referred to as the Cadillac Fairview Group. The debentures are direct, unsecured obligations of the Trust and will rank pari passu with all present and future unsecured indebtedness of the Trust.
The debentures are unconditionally and irrevocably guaranteed by OTPP as to payment of principal, premium (if any), interest and any make-whole amount payable. Each of the Series A and Series B debentures have been assigned a rating of "AAA" by each of DBRS Limited and Standard & Poor's Ratings Service.
Further information is found on Marketwire's website.