By William Gullotti
Buffalo, N.Y., July 23 – Toronto-Dominion Bank priced $1.85 million of autocallable contingent interest barrier notes with memory interest due Aug. 3, 2022 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.27% if the stock closes at or above the 85% contingent interest barrier level on the observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter.
The notes will be automatically called at par plus coupon if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless the stock finishes below the 85% barrier level, in which case investors will lose 1% for each 1% decline.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are acting as placement agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes with memory interest
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Underlying stock: | Microsoft Corp.
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Amount: | $1,850,000
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Maturity: | Aug. 3, 2022
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Coupon : | 9.27%, payable quarterly if the stock closes at or above contingent interest barrier level on observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless the stock finishes below barrier level, in which case 1% loss for each 1% decline
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Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly observation date
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Initial levels: | $280.75
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Barrier prices: | $238.6375; 85% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Agent: | TD Securities (USA) LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1%
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Cusip: | 89114TNJ7
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