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TD Bank says no series 18 preferreds will be converted into series 19
By Wendy Van Sickle
Columbus, Ohio, April 18 – Toronto-Dominion Bank announced that none of its 14 million non-cumulative five-year rate reset preferred shares, series 18, will be converted into non-cumulative floating-rate preferred shares, series 19, according to a press release.
During the conversion period that ran from March 31 to April 17, 95,661 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 18 shares for the five-year period from, and including, April 30 to, but excluding, April 30, 2028 will be 5.747%.
The financial services and banking company is based in Toronto.
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