By Wendy Van Sickle
Columbus, Ohio, May 21 – Toronto-Dominion Bank priced $10 million of autocallable contingent interest buffer notes with memory interest due May 23, 2022 linked to the common stock of Biogen Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the buffer level – 80% of its initial level – on any monthly review date other than the final one, the notes will pay a contingent coupon for that month at the annual rate of 22.32% and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest buffer.
If the stock closes at or above the initial level on a monthly 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 buffer.
If the notes are not called and the stock finishes at or above the 80% buffer level, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent interest payments.
Otherwise, investors will lose 1.25% for each 1% decline of the stock beyond its buffer level.
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 buffer notes with memory interest
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| Underlying stock: | Biogen Inc.
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| Amount: | $10 million
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| Maturity: | May 23, 2022
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| Coupon: | 22.32% per year, payable monthly, plus any previously unpaid contingent interest payments with respect to any previous review dates if stock closes at or above buffer price on any monthly review date other than the final one
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| Price: | Par
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| Payout at maturity: | If the notes are not called and the stock finishes at or above the buffer level, par plus the contingent coupon and any previously unpaid contingent interest payments; otherwise, 1.25% loss for each 1% decline of the stock beyond buffer level
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| Call: | If stock closes at or above initial level on any monthly 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: | $281.01
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| Buffer/coupon barrier level: | $224.808, 80% of initial stock price
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| Pricing date: | May 19
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| Settlement date: | May 24
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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: | 0.25%
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| Cusip: | 89114TJX1
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