Toronto-Dominion plans 15-year fixed-to-floaters on three-month Libor

By Devika Patel

Knoxville, Tenn., Oct. 2 – Toronto-Dominion Bank plans to price capped fixed-to-floating rate notes due Oct. 30, 2020 linked to the three-month Libor rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest rate will be fixed at 2% for the first three years. After that, it will accrue at the three-month Libor rate plus 75 basis points. Interest will be payable quarterly and is capped at 3.5%.

The payout at maturity will be par.

TD Securities (USA) LLC and Barclays Capital Inc. are the underwriters.

The notes will price on Oct. 27 and settle on Oct. 30.

The Cusip number is 89114QTT5.

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