CDP Financial launches US$20B senior note program and completes US$2B initial offering of senior notes

On February 22, 2019, CDP Financial Inc. (“CDP Financial”), a wholly-owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”), launched a Senior Note Program for the issue and sale of up to an aggregate principal amount of US$20 billion of senior notes (the “Program”), to be unconditionally and irrevocably guaranteed by CDPQ. On March 6, 2019, CDP Financial completed an initial offering of US$2 billion aggregate principal amount of senior notes due 2022 under the Program (the “Offering”), with Goldman Sachs International, BNP Paribas, HSBC Bank plc and TD Securities (USA) LLC acting as agents for the Offering.

CDP Financial and CDPQ were represented in-house by Sophie Lussier, Katherine Girard and Charlotte Goyer; by Davies Ward Phillips & Vineberg LLP, as Canadian counsel, with a team that comprised Sébastien Roy, Nicolas Morin, Alyssa Wiseman and Florence Bienvenu (Corporate Finance and Securities), and Michael Kandev (Tax), and by Paul, Weiss, Rifkind Wharton & Garrison LLP, as United States counsel, with a team that comprised Christopher Cummings, Stephen Centa and Harrison Cruikshank (Corporate Finance and Securities), and David Sicular (Tax).

The agents were represented by Stikeman Elliott LLP, as Canadian counsel, with a team that comprised Sherry Roth, Francois Gilbert and Olivier Godbout (Corporate Finance and Securities), and Jonathan Willson (Tax), and by Shearman & Sterling LLP, as United States counsel, with a team that comprised Jason Lehner, Ana Aur, Ryan Robski and Julian Carpenter (Capital Markets), Laurence Crouch and Daniel Kachmar (Tax) and Thomas Donegan and Matthew Humphreys (Financial Regulatory).