Torys and Cravath, Swaine & Moore LLP advised on Thomson Reuters’ US$1.3 billion public notes offer and C$1 billion private placement of notes.
On September 17, 2026, Thomson Reuters completed a U.S. public offering and a Canadian private placement of notes. The U.S. public offering consisted of (i) US$800,000,000 aggregate principal amount of 5.100% notes due 2028 and (ii) US$500,000,000 aggregate principal amount of 5.750% notes due 2033, each issued by TR Finance LLC, a Delaware subsidiary of Thomson Reuters Corporation, and guaranteed by Thomson Reuters Corporation and several of its subsidiaries (collectively, the “US notes”).
The Canadian private placement consisted of (i) C$350,000,000 aggregate principal amount of 4.130% notes due 2029, (ii) C$350,000,000 aggregate principal amount of 4.480% notes due 2031, and (iii) C$300,000,000 aggregate principal amount of floating rate notes due 2029 that will bear interest at a rate equal to daily compounded CORRA plus 0.76% per annum, each issued by Thomson Reuters Corporation and guaranteed by several of its subsidiaries (collectively, the “Canadian notes”).
Net proceeds from both offerings will be used by Thomson Reuters for general corporate purposes, including, without limitation, to repay existing indebtedness under its commercial paper program.
Torys acted as counsel to Thomson Reuters.
The team was led by David Forrester and included Sarah Rimer and Noah Brennan on corporate/Canadian securities; Chris Bornhorst and Maija Fiorante on corporate/U.S. securities; Jerald Wortsman, Andrew Silverman, Steve Marshall and Julia Zhuo on Canadian tax; and David Mattingly, Chris Saki and Brett Greene on U.S. tax matters.
Cravath, Swaine & Moore LLP represented the underwriters in connection with the US$1.3 billion registered notes offering of TR Finance LLC, an indirect wholly owned subsidiary of Thomson Reuters Corporation.
The Cravath team included Partner Douglas Dolan and Associates Harold C. King and Helen T. Yang on capital markets matters; Partner Arvind Ravichandran and Associates Jonathan Minion and Yasmeen Shrestha on tax matters; Of Counsel Felise Cooper on environmental matters; and Associate Scarlett A. Neely on executive compensation and benefits matters. Jaxon N. Williams-Bellamy also worked on capital markets matters.
