By Wendy Van Sickle
Columbus, Ohio, Dec. 18 – Toronto-Dominion Bank priced $10 million of autocallable contingent interest buffered notes due Dec. 20, 2021 linked to the shares of Vertex Pharmaceuticals Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 9.6% if the stock closes at or above its interest barrier value, 80% of its initial level, on the valuation date for that period, plus any previously unpaid coupon.
The notes will be called at par if the stock closes at or above its initial level on any monthly valuation date.
The payout at maturity will be par unless the stock finishes below its buffer value, 80% of its initial level, in which case investors will lose 1.25% for each 1% decline beyond the 20% buffer.
TD Securities (USA) LLC is the underwriter. JPMorgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest buffered notes with memory interest
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| Underlying stock: | Vertex Pharmaceuticals Inc.
|
| Amount: | $10 million
|
| Maturity: | Dec. 20, 2021
|
| Coupon: | 9.6% annual rate, payable monthly if stock closes at or above interest barrier value on valuation date for that period, plus any previously unpaid coupon
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below buffer value, in which case 1.25% loss for each 1% decline beyond 20% buffer
|
| Call: | Automatically at par if stock closes at or above initial level on any monthly valuation date
|
| Initial stock level: | $228.13
|
| Interest barrier: | $212.52; 80% of initial levels
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| Buffer level: | $182.504; 80% of initial levels
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| Strike date: | Dec. 14
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 18
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | JPMorgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 0.5%
|
| Cusip: | 89114T3N0
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