/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Dec. 10,
2024 /CNW/ - The Toronto-Dominion Bank ("TD") (TSX:
TD) (NYSE: TD) today announced the pricing of a Canadian public
offering of C$750 million of 5.909%
Non-Viability Contingent Capital ("NVCC") Additional Tier 1 ("AT1")
Limited Recourse Capital Notes Series 5 (the "LRCNs").
The LRCNs will bear interest at a rate of 5.909 per
cent annually, payable quarterly, for the initial period ending on,
but excluding, January 31, 2030. Thereafter, the interest rate
on the LRCNs will be reset every five years based on the prevailing
5-year Government of Canada Yield plus 3.10 per cent. The LRCNs
will mature on January 31, 2085. The expected closing date of
the offering is December 18, 2024. TD Securities is acting as
lead agent and sole bookrunner on the issue.
Concurrently with the issuance of the LRCNs, TD will issue
750,000 Non-Cumulative 5-Year Fixed Rate Reset NVCC Preferred
Shares, Series 32 ("Preferred Shares Series 32") to be held by
Computershare Trust Company of Canada, as trustee for TD LRCN Limited
Recourse Trust™ (the "Limited Recourse Trust"). In case of
non-payment of interest on or principal of the LRCNs when due, the
recourse of each LRCN holder will be limited to that holder's
proportionate share of the Limited Recourse Trust's assets, which
will consist of Preferred Shares Series 32 except in limited
circumstances.
With the prior written approval of the Superintendent of
Financial Institutions (Canada),
TD may redeem the LRCNs commencing on January 1, 2030, and every five years thereafter,
during the period from and including January
1 to and including January 31.
TD may redeem the LRCNs in whole or in part on not less than 10
days' and not more than 60 days' prior notice to the LRCN
holders.
The net proceeds from this transaction will be used for general
corporate purposes including the redemption of outstanding
capital securities of TD and/or the repayment of other outstanding
liabilities of TD.
The LRCNs have not been, and will not be, registered in the
United States under the United States Securities Act of 1933,
as amended (the "Securities Act"), or the securities laws of
any state of the United States and may not be offered,
sold or delivered, directly or indirectly in the United
States or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S under the Securities Act)
absent registration under the Securities Act or an applicable
exemption from such registration requirements. 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.
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 27.9 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 $2.06 trillion in
assets on October 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group