TD Bank completes public offering of C$450M in preferred shares

Date Closed

June 04, 2019

Lead Office

Toronto

Value

450.00 Million CAD

On June 4, 2019, The Toronto-Dominion Bank completed the public offering of C$450 million of Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 24.

TD has entered into an agreement with a group of underwriters led by TD Securities Inc. to issue, on a bought deal basis, 18 million Series 24 Shares at a price of C$25.00 per share to raise gross proceeds of $450 million. Subject to TD's right of redemption and certain other conditions, holders of the Series 24 Shares will have the right to convert their shares into Non-Cumulative Floating Rate Preferred Shares (NVCC), Series 25, on July 31, 2024, and on July 31 every five years thereafter.

The Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario.

McCarthy Tétrault LLP advised TD Bank with a team led by Wendi Locke that included Saqib Butt and Alyssa Novoselac (Business).

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