New Issue: TD Bank sells $10 million callable step-up notes with 3% initial rate

By Marisa Wong

Morgantown, W.Va., July 26 – Toronto-Dominion Bank priced $10 million of callable step-up notes due July 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% initially, stepping up to 3.25% on July 26, 2019, to 3.5% on July 26, 2020, to 4% on July 26, 2021 and to 5% on July 26, 2022. Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable in whole at par quarterly beginning on July 26, 2019.

TD Securities (USA) LLC is the underwriter.

Issuer:	Toronto-Dominion Bank
Issue:	Callable step-up notes
Amount:	$10 million
Maturity:	July 26, 2023
Price:	Par
Payout at maturity:	Par
Coupon:	3% initially, stepping up to 3.25% on July 26, 2019, to 3.5% on July 26, 2020, to 4% on July 26, 2021 and to 5% on July 26, 2022; payable quarterly
Call option:	In whole at par quarterly beginning July 26, 2019
Pricing date:	July 23
Settlement date:	July 26
Agent:	TD Securities (USA) LLC
Fees:	1.357%
Cusip:	89114QPL6

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