Ontario Teachers' Cadillac Fairview Properties Trust completes US$800 million private placement of senior unsecured notes

Torys acted as Canadian counsel to Ontario Teachers' Cadillac Fairview Properties Trust with a team that included Michael Zackheim, Frazer House and Melissa Lowy (Canadian securities), David Dell and Nooreen Bhanji (real estate).

On October 15, 2021, Ontario Teachers' Cadillac Fairview Properties Trust (the "Trust") completed a private placement of US$800 million aggregate principal amount of 2.500% senior unsecured notes due 2031. The notes were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S.

Citigroup Global Markets, Goldman Sachs and TD Securities (USA) acted as the joint book-running managers for the offering, with BofA Securities, BMO Capital Markets, National Bank of Canada Financial and RBC Capital Markets acting as co-managers.

The Trust 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' Pension Plan Board (Ontario Teachers). The Trust intends to use the net proceeds from the offering primarily to repay debt owed to related parties of Ontario Teachers’ and for general business purposes.