TD Bank to price series C fixed- and floating-rate notes

By Rebecca Melvin

Concord, N.H., June 1 – Toronto-Dominion Bank was in the market early Wednesday with two tranches of U.S. dollar-denominated series C senior medium-term notes, including fixed-rate notes and floating-rate notes, according to two 424B2 filings with the Securities and Exchange Commission.

Pricing of the two tranches isn’t contingent upon one another.

The notes will be bail-inable notes and subject to conversion in whole or in part into common shares of TD Bank. The conversions may be in one or more steps.

The fixed-rate notes are callable at par plus a make-whole amount and accrued interest. They are also callable for tax reasons, as are the floating-rate notes

TD Securities (USA) LLC is the bookrunner of the series.

Counsel to the issuer is provided by McCarthy Tetrault LLP (Canada) and Simpson Thacher & Bartlett LLP (New York). Counsel to the agents is Davis Polk & Wardwell LLP.

The banking and financial services company is based in Toronto.

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