The Toronto-Dominion Bank announced a domestic public offering of C$1 billion of medium term notes constituting subordinated indebtedness of the Bank. The Notes will be issued and sold through a dealer syndicate led by TD Securities Inc.
The Notes are expected to be issued on January 31, 2025 and will bear interest at a fixed rate of 4.231% per annum (paid semi-annually) until February 1, 2030, and at Daily Compounded CORRA plus 1.54% thereafter (paid quarterly) until maturity on February 1, 2035.
The Bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the Notes on or after February 1, 2030, in whole or in part, at par plus accrued and unpaid interest on not more than 60 nor less than 10 days' notice to holders.
The Bank said it will use net proceeds from the transaction for general corporate purposes including the redemption of outstanding capital securities of TD and/or the repayment of other outstanding liabilities of TD.
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