TORONTO, Sept. 23,
2024 /CNW/ - The Toronto-Dominion Bank ("TD Bank
Group" or "TD") announced today that it does not intend to exercise
its right to redeem all or any part of the currently outstanding
20,000,000 Non-Cumulative 5-Year Rate Reset Class A First Preferred
Shares, Series 1 (Non-Viability Contingent Capital (NVCC)) (the
"Series 1 Shares") of TD on October 31, 2024. As a result and
subject to certain conditions set out in the prospectus supplement
dated May 28, 2014 relating to the issuance of the Series
1 Shares, the holders of the Series 1 Shares have the right to
convert all or part of their Series 1 Shares, on a one-for-one
basis, into Non-Cumulative Floating Rate Class A First Preferred
Shares, Series 2 (Non-Viability Contingent Capital (NVCC)) (the
"Series 2 Shares") of TD on October 31, 2024. Holders
who do not exercise their right to convert their Series 1 Shares
into Series 2 Shares on such date will continue to hold their
Series 1 Shares, subject to the conditions described
below.
The foregoing conversion right is subject to the conditions
that: (i) if TD determines that there would be less than 1,000,000
Series 2 Shares outstanding after taking into account all shares
tendered for conversion on October 31, 2024, then holders of
Series 1 Shares will not be entitled to convert their shares into
Series 2 Shares, and (ii) alternatively, if TD determines that
there would remain outstanding less than 1,000,000 Series 1 Shares
after taking into account all shares tendered for conversion
on October 31, 2024, then all remaining Series 1 Shares will
automatically be converted into Series 2 Shares on a one-for-one
basis on October 31, 2024. In either case, TD will give
written notice to that effect to holders of Series 1 Shares no
later than October 24, 2024.
The dividend rate applicable to the Series 1 Shares for the
5-year period from and including October 31, 2024 to but
excluding October 31, 2029, and the dividend rate applicable
to the Series 2 Shares for the 3-month period from and
including October 31, 2024 to but excluding January 31,
2025, will be determined and announced by way of a press release
on October 1, 2024.
Beneficial owners of Series 1 Shares who wish to exercise their
conversion right should communicate as soon as possible with their
broker or other nominee to obtain instructions for exercising such
right during the conversion period, which runs from October 1,
2024 until 5:00 p.m. (Toronto time) on October
16, 2024.
Inquiries should be directed to TD's Registrar and Transfer
Agent, TSX Trust Company, at 1-800-387-0825 (or
in Toronto 416-682-3860).
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