By William Gullotti
Buffalo, N.Y., Feb. 23 – Toronto-Dominion Bank priced $16 million of autocallable contingent interest buffer notes with memory interest due Feb. 21, 2025 linked to the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 12% per year if the ETF closes at or above the coupon barrier price, 87% of the initial share price, on the observation date for that period. Previously unpaid interest payments will be automatically included whenever interest is paid.
The notes will be called at par plus the contingent interest payment if the shares of the ETF close at or above the initial price on any monthly observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent interest payment unless the ETF finishes below the 87% buffer price, in which case investors will lose 1.1494% for each 1% decline below the buffer.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest buffer notes with memory interest
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| Underlying fund: | iShares Russell 2000 ETF
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| Amount: | $16 million
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| Maturity: | Feb. 21, 2025
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| Coupon: | 12% annual rate, payable monthly if the ETF closes at or above coupon barrier price on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final contingent interest payment unless the ETF finishes below buffer price, in which case lose 1.1494% for each 1% decline beyond 13%
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| Call: | Automatically at par plus contingent interest payment if the ETF closes at or above its initial share price on any monthly observation date
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| Initial share price: | $199.13
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| Coupon barrier price: | $173.2431; 87% of initial share price
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| Buffer value price: | $173.2431; 87% of initial share price
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| Strike date: | Feb. 14
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.1%
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| Cusip: | 89115FSC6
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