TD Bank plans 10-year callable step-up notes with 2.5% initial rate

By Susanna Moon

Chicago, Nov. 9 – Toronto-Dominion Bank plans to price callable step-up notes due Nov. 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.5% for the first four years, stepping up to 3.1% for years five to six, to 3.5% for year seven, to 4% for year eight, to 4.5% for year nine and to 6% for year 10. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par quarterly beginning Feb. 29, 2016.

TD Securities (USA) LLC is the underwriter.

The notes will price Nov. 24 and settle Nov. 30.

The Cusip number is 89114QUB2.

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