New Issue: TD Bank sells $2 million callable step-up notes with 2.3% initial rate

By Toni Weeks

San Luis Obispo, Calif., March 31 – Toronto-Dominion Bank priced $2 million of callable step-up notes due March 31, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.3% for the first three years, 2.5% in years four and five, 3.25% in years six and seven, 4% in years eight and nine and 6% in year 10. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable quarterly beginning June 30.

TD Securities (USA) LLC is the agent.

Issuer:	Toronto-Dominion Bank
Issue:	Callable step-up notes
Amount:	$2 million
Maturity:	March 31, 2025
Coupon:	2.3% initially, stepping up to 2.5% on March 31, 2018, to 3.25% on March 31, 2020, to 4% on March 31, 2022 and to 6% on March 31, 2024; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning June 30
Pricing date:	March 26
Settlement date:	March 31
Agent:	TD Securities (USA) LLC
Fees:	2.35%
Cusip:	89114QSR0

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