By Angela McDaniels
Tacoma, Wash., Sept. 9 – Toronto-Dominion Bank priced $4.82 million of autocallable contingent interest barrier notes with memory interest due Sept. 23, 2020 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Bank of America stock closes at or above the barrier price, 70.6% of the initial share price, on any quarterly review date, the notes will pay a contingent coupon for that quarter at an annual rate of 10% plus any previously unpaid contingent interest payments.
The notes will be automatically called at par if the stock closes at or above the initial share price on any quarterly review date other than the final one.
The payout at maturity will be par unless the final share price is less than the barrier price, in which case investors will be exposed to the stock’s decline from the initial share price.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $4,821,000
|
| Maturity: | Sept. 23, 2020
|
| Coupon: | If stock closes at or above barrier price on any quarterly review date, notes pay contingent coupon for that quarter at an annual rate of 10% plus any previously unpaid contingent interest payments
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below barrier price, in which case full exposure to decline from initial share price
|
| Call: | Automatically at par if stock closes at or above initial share price on any quarterly review date other than final one
|
| Initial share price: | $27.73
|
| Barrier price: | $19.5774, or 70.6% of initial share price
|
| Final share price: | Average of stock’s closing share prices on five trading dates ending Sept. 18, 2020
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 11
|
| Agent: | TD Securities (USA) LLC
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 89114Q7E2
|
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