TD Bank Prices Offering of Additional Tier 1 Capital Notes
By Robb M. Stewart
Toronto-Dominion Bank priced a debt offering that will raise 250 million Canadian dollars (US$182 million).
The Canadian lender said Tuesday the fixed rate reset perpetual subordinated additional tier 1 capital notes offered in a private placement will bear interest at a rate of 5.7% annually for the initial period ending on, but excluding, July 31, 2029. After that the interest rate will reset every five years at a rate at equal to the prevailing five-year Singapore overnight rate average-OIS Rate plus 2.652%, it said.
TD Bank said proceeds will be used for general corporate purposes, which may include the redemption of outstanding capital securities or the repayment of other outstanding liabilities.
The notes have no scheduled maturity or redemption date and the offering is expected to close on July 10.
Last month TD Bank said it intends to exercise its right to redeem on July 25, 2024 all of its outstanding C$1.5 billion 3.224% medium-term notes due July 25, 2029.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
July 02, 2024 09:32 ET (13:32 GMT)
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