TORONTO, Sept. 3,
2024 /CNW/ - The Toronto-Dominion Bank ("TD")
(TSX: TD) (NYSE: TD) today announced the pricing of a U.S. public
offering of US$1 billion of 5.146%
Non-Viability Contingent Capital Subordinated Notes due 2034 (the
"Notes"), which will constitute subordinated indebtedness of
TD. The Notes are registered with the U.S. Securities and
Exchange Commission (the "SEC").
The Notes will bear interest at a fixed rate of 5.146% per annum
(paid semi-annually) to, but excluding, September 10, 2029
(the "Reset Date"). On and after the Reset Date, to, but excluding
September 10, 2034, interest on the
Notes will reset at an interest rate per annum equal to the sum
(paid semi-annually), as determined by TD or its designee, of (i)
the prevailing U.S. Treasury Rate plus (ii) 1.500%. The Notes will
mature on September 10, 2034. The
expected closing date of the offering is September 10, 2024, subject to customary closing
conditions.
TD may, at its option, with the prior written approval of the
Superintendent of Financial Institutions (Canada), redeem the Notes on September 10, 2029, in whole at par plus accrued
and unpaid interest on not more than 60 nor less than 10 days'
notice to the holders.
The net proceeds from this transaction will be used for general
corporate purposes, which may include the redemption of
outstanding capital securities and/or the repayment of other
outstanding liabilities. The Notes are expected to qualify as Tier
2 capital of TD for regulatory purposes.
TD Securities, BofA Securities, Goldman Sachs & Co. LLC,
NatWest Markets and Standard Chartered Bank are the joint
book-running managers on the issue.
A registration statement relating to the offering has been filed
with the SEC and is effective. This press release does not
constitute an offer to sell, or a solicitation of an offer to buy,
these securities in the United States or in any other
jurisdiction where such offer, solicitation or sale would be
unlawful. The offering may be made only by means of a prospectus
supplement and the accompanying prospectus.
Copies of the preliminary prospectus supplement and the
accompanying prospectus for the offering may be obtained free of
charge by visiting EDGAR on the SEC's website at www.sec.gov.
Alternatively, copies of the final prospectus supplement, when
available, and the accompanying prospectus may also be obtained by
contacting TD Securities (USA) LLC
at 1-855-495-9846, BofA Securities, Inc. at 1-800-294-1322, Goldman
Sachs & Co. LLC at 1-866-471-2526, NatWest Markets Securities
Inc. at 1-800-231-5830 and Standard Chartered Bank at
44-207-885-8888.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by assets and serves over
27.5 million customers in four key businesses operating in a number
of locations in financial centres around the globe: Canadian
Personal and Commercial Banking, including TD Canada Trust and TD
Auto Finance Canada; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in The Charles Schwab Corporation; Wealth
Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD
Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had CDN$1.97 trillion
in assets on July 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group