By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Toronto-Dominion Bank priced $15.61 million of 9.5% STEP Income Securities due Feb. 24, 2023 linked to the common stock of International Business Machines Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of the shares finishes at or above the step level – 109.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 2.1%
If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | STEP Income Securities
|
| Underlying stock: | International Business Machines Corp.
|
| Amount: | $15,606,940
|
| Maturity: | Feb. 24, 2023
|
| Coupon: | 9.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final price of stock is greater than or equal to step level, par plus 2.1%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, full exposure to losses
|
| Initial share price: | $134.41
|
| Step level: | $147.18; 109.5% of initial share price
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 17
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5%
|
| Cusip: | 891162729
|
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