Toronto-Dominion Bank to price step-up notes with 2% initial rate

By Toni Weeks

San Luis Obispo, Calif., June 3 – Toronto-Dominion Bank plans to price callable step-up notes due June 30, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2% for the first two years, stepping up to 2.1% for years three and four and to 2.5% for year five. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any call date.

TD Securities (USA) LLC is the underwriter.

The notes will price June 25 and settle June 30.

The Cusip number is 89114QTC2.

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