By William Gullotti
Buffalo, N.Y., May 11 – Toronto-Dominion Bank priced $4 million of callable step-up notes due May 11, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 5.25%. The interest rate steps up by 25 basis points on May 11, 2024 and steps up by 50 bps annually thereafter. Interest is payable quarterly.
The notes are callable at par on any quarterly coupon payment date.
The payout at maturity will be par.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable step-up notes
|
| Amount: | $4 million
|
| Maturity: | May 11, 2028
|
| Coupon: | 5.25% initially, steps up by 25 bps after first year and by 50 bps annually thereafter; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | Callable at par on any quarterly coupon payment date
|
| Pricing date: | May 8
|
| Settlement date: | May 11
|
| Underwriter: | TD Securities (USA) LLC
|
| Fees: | 0.955%
|
| Cusip: | 89114X7K3
|
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