TD Bank says too few series 3 preferreds tendered to effect conversion

By Wendy Van Sickle

Columbus, Ohio, July 18 – Toronto-Dominion Bank said none of its outstanding 20 million noncumulative five-year rate reset preferred shares, series 3, will be converted into series 4 shares on July 31, according to a news release.

The company previously announced it did not intend to exercise its right to redeem all or any part of the preferreds on July 31, giving holders a right to convert all or part of their series 3 shares on a one-for-one basis into noncumulative floating-rate preferred shares, series 4.

During the conversion period, which ran from July 2 to July 16, 350,885 series 3 shares were tendered for conversion into series 4 shares, which is less than the minimum 1 million shares required to give effect to the conversion, the company reported in Thursday’s release.

The financial services and banking company is based in Toronto.

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