By William Gullotti
Buffalo, N.Y., March 22 – Toronto-Dominion Bank priced $8.62 million of 18.5% STEP Income Securities due April 1, 2024 linked to the common stock of Nvidia 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, 118.5% of the initial price, the payout at maturity will be par of $10 plus a step payment of 4.18%
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 fully exposed to any stock decline.
BofA Securities, Inc. is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Nvidia Corp.
|
| Amount: | $8,624,060
|
| Maturity: | April 1, 2024
|
| Coupon: | 18.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final price of stock is greater than or equal to step level, par plus 4.18%; if final share price is greater than or equal to initial share price but less than step level, par; otherwise, full exposure to decline of stock
|
| Initial share price: | $249.65
|
| Step level: | $295.84; 118.5% of initial share price
|
| Pricing date: | March 16
|
| Settlement date: | March 23
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5%
|
| Cusip: | 89116C602
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
