By Kiku Steinfeld
Chicago, March 15 – Toronto-Dominion Bank priced $1.88 million of autocallable contingent interest barrier notes with memory interest due Oct. 5, 2022 linked to the common stock of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier share price – 85% of its initial share price – on any quarterly review date, the notes will pay a contingent coupon for that quarter at the annual rate of 10.56% and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest barrier.
If the stock closes at or above the initial share price on a quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest barrier.
If the notes are not called and the stock finishes at or above the 85% barrier share price, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent interest payments.
Otherwise, 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
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stock: | Walt Disney Co.
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| Amount: | $1,876,000
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| Maturity: | Oct. 5, 2022
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| Coupon: | 10.56% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates if stock closes at or above barrier price on any quarterly review date
|
| Price: | Par
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| Payout at maturity: | If stock finishes at or above barrier share price, par plus contingent coupon and any previously unpaid contingent interest payments; otherwise, exposure to stock’s decline from initial share price
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| Call: | If stock closes at or above initial share price on any quarterly review date other than the final one, automatically at par plus contingent coupon and any previously unpaid contingent interest payments
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| Initial stock price: | $183.47
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| Barrier price: | $155.9495, 85% of initial stock price
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 89114TRQ7
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