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TD Bank says no series 16 preferreds will be converted into series 17
Chicago, Oct. 19 – Toronto-Dominion Bank announced that none of its 14 million non-cumulative five-year rate reset preferred shares, series 16 will be converted into non-cumulative floating-rate preferred shares, series 17, according to a press release.
During the conversion period that ran from Oct. 3 to Oct. 17, 131,188 shares were tendered conversion. The amount represents less than the 1 million shares required to give effect to the conversion.
As a result, no shares will be converted.
The dividend rate applicable to the series 16 shares for the five-year period from, and including, Oct. 31 to, but excluding, Oct. 31, 2027 will be 6.301%.
The financial services and banking company is based in Toronto.
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