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TD Bank calls meeting for 2023 floaters to replace Libor with Sonia
Chicago, June 15 – Toronto-Dominion Bank will hold a covered bondholder meeting regarding its £500 million floating-rate series CBL18 covered bonds due Jan. 30, 2023 (ISIN: XS1759748491) to allow holders to vote on a transition to Sonia as an interest basis instead of Libor, according to a news release.
The meeting will be held at 4 a.m. ET on July 7 via audio or video conference.
The expiration time for covered bondholders to deliver a valid consent or appoint a proxy to attend and vote at the meeting is 11 a.m. ET on July 2.
If the extraordinary resolution is passed, the pricing time to calculate the adjusted margin between Libor and Sonia will take place at 9 a.m. ET on July 7.
Implementation is planned for July 30.
The meeting needs a quorum for the extraordinary resolution to pass.
No consent fee will be paid in connection with the proposal.
NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) and Toronto-Dominion Bank, London Branch (+44 20 7628 2262, tmg@tdsecurities.com) are the solicitation agents.
Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, td@lucid-is.com).
Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. The financial services and banking company is based in Toronto.
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