New Issue: TD Bank prices $4.37 million callable step-up notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., March 28 – Toronto-Dominion Bank priced $3.47 million of callable step-up notes due Sept. 29, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate is 3%. It will increase to 3.2% on Sept. 29, 2020, to 3.3% on March 29, 2021, to 3.4% on Sept. 29, 2021 and to 3.5% on March 29, 2022. Interest is payable quarterly.

The notes are callable at par on any quarterly call date.

The payout at maturity will be par.

TD Securities (USA) LLC is the underwriter.

Issuer:	Toronto-Dominion Bank
Issue:	Callable step-up notes
Amount:	$4,374,000
Maturity:	Sept. 29, 2022
Coupon:	Initially 3%; will increase to 3.2% on Sept. 29, 2020, to 3.3% on March 29, 2021, to 3.4% on Sept. 29, 2021 and to 3.5% on March 29, 2022; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Callable at par quarterly
Pricing date:	March 26
Settlement date:	March 29
Underwriter:	TD Securities (USA) LLC
Fees:	0.708%
Cusip:	89114QH35

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