By Cristal Cody
Tupelo, Miss., May 24 – Toronto-Dominion Bank priced an upsized C$450 million of non-cumulative five-year rate reset preferred stock on Friday, according to a press release.
The bank sold 18 million shares of the preferred stock at C$25.00 per share.
The deal was upsized from C$250 million, or 10 million shares.
TD Securities Inc. was the bookrunner.
Dividends will accrue at 5.1% for the initial five-year period and will reset every five years at a dividend equal to 356 basis points over the then five-year Government of Canada bond yield.
Proceeds from the offering will be used for general corporate purposes.
The bank and financial services company is based in Toronto.
| Issuer: | Toronto-Dominion Bank
|
| Amount: | C$450 million, 18 million preferred shares
|
| Maturity: | July 31, 2024
|
| Securities: | Series 24 non-cumulative five-year rate reset preferred shares
|
| Bookrunner: | TD Securities Inc.
|
| Dividend: | 5.1%; resets every five years at the then five-year Government of Canada bond yield plus 356 bps
|
| Price: | C$25.00 per share
|
| Call feature: | July 31, 2024 and every fifth year thereafter at par
|
| Pricing date: | May 24
|
| Settlement date: | June 4
|
| Rating: | DBRS: Pfd-2
|
| Distribution: | Canada
|
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