By William Gullotti
Buffalo, N.Y., July 27 – Toronto-Dominion Bank priced $65.45 million of fixed-to-floating rate notes due July 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6% per year for the first six months.
After that, it will accrue at the one-year U.S. Dollar SOFR ICE swap rate plus 75 basis points, subject to a floor of 0% per annum.
The payout at maturity will be par plus any accrued interest.
TD Securities (USA) LLC and Jefferies LLC are the agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Fixed-to-floating rate notes
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Amount: | $65,446,000
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Maturity: | July 25, 2025
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Price: | Par
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Coupon: | 6% for first six months; after that, one-year U.S. Dollar SOFR ICE swap rate plus 75 bps with floor of 0% per annum, payable quarterly
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Payout at maturity: | Par plus any interest
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Pricing date: | July 21
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Settlement date: | July 25
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Agents: | TD Securities (USA) LLC and Jefferies LLC
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Fees: | 0.94907%
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Cusip: | 89115F4H1
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