/NOT FOR DISTRIBUTION TO THE US MEDIA OR US NEWS
WIRE SERVICES/
TORONTO, July 2, 2024
/CNW/ - The Toronto-Dominion Bank ("TD") (TSX: TD) (NYSE: TD) today
announced the pricing of a private placement offering of
S$250 million of Fixed Rate
Reset Perpetual Subordinated Additional Tier 1 Capital Notes,
Series 2023-9 Non-Viability Contingent Capital (NVCC) (the
"AT1 Perpetual Notes").
The AT1 Perpetual Notes will bear interest at a rate
of 5.700 per cent annually, payable semi-annually, for the
initial period ending on, but excluding, July 31, 2029.
Thereafter, the interest rate on the AT1 Perpetual Notes will reset
every five years at a rate equal to the prevailing 5-year SORA-OIS
Rate plus 2.652 per cent. The AT1 Perpetual Notes have no scheduled
maturity or redemption date. The expected closing date of the
offering is July 10, 2024.
TD may redeem the AT1 Perpetual Notes on July 31, 2029 and every January 31st and July
31st thereafter, with the prior written approval of the
Superintendent of Financial Institutions (Canada), in whole or in part, on not less than
10 nor more than 60 days' prior notice to holders.
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 proceeds of this offering are expected
to qualify as "Additional Tier 1" capital of TD for regulatory
purposes.
DBS Bank Ltd., HSBC, OCBC, Standard Chartered and TD Securities
are the joint book-running managers on the issue.
The AT1 Perpetual Notes 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 to buy securities in the United States or in
any other jurisdiction where such offer or solicitation 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
27.5 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 April 30, 2024. The Toronto-Dominion Bank trades under the
symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group