The Toronto-Dominion Bank issues C$1B Medium Term Notes
On January 31, 2025, The Toronto-Dominion Bank ("TD Bank") issued C$1 billion of medium term notes (non-viability contingent capital (NVCC)) constituting subordinated indebtedness of TD Bank (the "Notes"). The Notes were issued and sold through a dealer syndicate led by TD Securities Inc. The Notes will bear interest at a fixed rate of 4.231% per annum (paid semi-annually) until February 1, 2030, and at Daily Compounded CORRA plus 1.54% thereafter (paid quarterly) until maturity on February 1, 2035. The net proceeds from this transaction will be used for general corporate purposes including the redemption of outstanding capital securities of TD Bank and/or the repayment of other outstanding liabilities of TD Bank.
TD Bank, headquartered in Toronto, Canada, 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.
McCarthy Tétrault advised TD Bank with a team led by Wendi Locke that included David Badour, Samantha Pettinato, Lama Kahiel, Rachel Cristofoli (Business), Sharon Kretchmar (Securities), Fred Purkey, Len Nesbitt, Kathryn Walker and Stephanie Dewey (Tax).
