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TD Bank plans 10-year callable step-up notes with 2.55% initial rate
New York, Dec. 4 – Toronto-Dominion Bank plans to price callable step-up notes due Dec. 31, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.55% for the first four years, stepping up to 3% 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 March 31, 2016.
TD Securities (USA) LLC is the underwriter.
The notes will price Dec. 28 and settle Dec. 31.
The Cusip number is 89114QUG1.
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