By Wendy Van Sickle
Columbus, Ohio, Dec. 28 – Toronto-Dominion Bank priced $50 million of fixed-to-floating rate notes due Dec. 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 5.5% per year for the first two quarters.
After that, it will accrue at the SOFR plus 100 basis points, subject to a floor of 0% per annum.
The payout at maturity will be par plus any accrued interest.
TD Securities (USA) LLC and Citigroup Global Markets Inc. are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Fixed-to-floating rate notes
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| Amount: | $50 million
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| Maturity: | Dec. 27, 2025
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| Price: | Par
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| Coupon: | 5.5% for first two quarters; after that, SOFR plus 100 bps with floor of 0% per annum, payable quarterly
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| Payout at maturity: | Par plus any interest
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agents: | TD Securities (USA) LLC and Citigroup Global Markets Inc.
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| Fees: | 0.31%
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| Cusip: | 89114XD83
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