By William Gullotti
Buffalo, N.Y., Aug. 23 – Toronto-Dominion Bank priced $2.59 million of autocallable contingent interest barrier notes with memory interest due Sept. 7, 2022 linked to the performance of the common stock of Marathon Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 7% per year if the stock closes at or above the coupon barrier price, 66.9% of the initial share price, on the observation date for that period. Previously unpaid coupons will also be paid at that time.
The notes will be called at par plus the contingent interest payment if the shares of the stock close at or above the initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the stock finishes below the barrier price, 66.9% of the initial share price, in which case investors will be fully exposed to the stock’s decline from its initial share price.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stock: | Marathon Oil Corp.
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| Amount: | $2,590,000
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| Maturity: | Sept. 7, 2022
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| Coupon: | 7% annual rate, payable quarterly if the stock close at or above coupon barrier price on the relevant observation date; coupon payment events will also include previously unpaid coupons, if any
|
| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless the stock finishes below barrier price, in which case full exposure to decline from initial share price
|
| Call: | Automatically at par plus contingent interest payment if the stock closes at or above its initial share price on any quarterly observation date
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| Initial share price: | $10.68
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| Coupon barrier price: | $7.1449; 66.9% of initial levels
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| Barrier value price: | $7.1449; 66.9% of initial levels
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 23
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89114TQ21
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