By Cristal Cody
Chicago, April 4 – Ontario Teachers’ Finance Trust priced $1.5 billion of 4.625% senior notes due 2029 (Aa1/AA+/DBRS: AAA) on Wednesday, according to market sources.
The notes priced at 99.568 to yield 4.723%, or at SOFR mid-swaps plus 61 basis points.
Talk started in the SOFR mid-swaps plus 65 bps area and was firmed during pricing to the 63 bps area.
National Bank of Canada (billing and delivery), BNP Paribas Securities Corp., J.P. Morgan Securities LLC and TD Securities (USA) LLC were bookrunners for the Rule 144A and Regulation S deal.
A source involved with the deal said the order book was over $3.5 billion.
Proceeds will be used for investment purposes.
The listing will be in Dublin.
Ontario Teachers’ Finance Trust is a Toronto-based financing arm of guarantor Ontario Teachers’ Pension Plan Board.
| Issuer: | Ontario Teachers’ Finance Trust
|
| Guarantor: | Ontario Teachers' Pension Plan Board
|
| Amount: | $1.5 billion
|
| Issue: | Senior notes
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| Maturity: | April 10, 2029
|
| Bookrunners: | National Bank of Canada (billing and delivery), BNP Paribas Securities Corp., J.P. Morgan Securities LLC and TD Securities (USA) LLC
|
| Coupon: | 4.625%
|
| Price: | 99.568
|
| Yield: | 4.723%
|
| Spread: | SOFR mid-swaps plus 61 bps, or Treasuries plus 37.8 bps
|
| Trade date: | April 3
|
| Settlement date: | April 10
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| Ratings: | Moody’s: Aa1
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| S&P: AA+
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| DBRS: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | SOFR mid-swaps plus 65 bps area; guided to 63 bps area
|
| ISINs: | US68329AAQ13, USC69798AY93
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