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Toronto-Dominion plans callable step-up notes with a 2% initial rate
By Devika Patel
Knoxville, Tenn., Oct. 14 – Toronto-Dominion Bank plans to price callable step-up notes due Oct. 31, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in years one and two, stepping up to 2.35% in years three and four, to 2.75% in years five and six and to 3.25% in year seven. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date other than the final one beginning on Jan. 31, 2017.
TD Securities (USA) LLC is the underwriter.
The notes (Cusip: 89114QXU7) will price on Oct. 26 and settle on Oct. 31.
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