/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 18,
2022 /CNW/ - The Toronto-Dominion Bank ("TD Bank
Group" or "TD") (TSX: TD) (NYSE: TD) today announced a domestic
public offering of Non-Cumulative 5-Year Fixed Rate Reset Preferred
Shares (non-viability contingent capital (NVCC)), Series 28 (the
"Series 28 Shares").
TD will issue to certain institutional investors 800 thousand
Series 28 Shares priced at $1,000 per
share to raise gross proceeds of $800
million. TD Securities is acting as lead agent and sole
bookrunner on the issue. The expected closing date is July 25, 2022.
The Series 28 Shares will yield 7.236 per cent annually (on a
dividend rate of 7.232 per cent annually), with dividends payable
semi-annually, as and when declared by the Board of Directors of
TD, for the initial period ending October
31, 2027. Thereafter, the dividend rate will reset every
five years at a rate equal to 4.20 per cent over the then 5-year
Government of Canada bond
yield.
During the period from October 1,
2027 to and including October 31,
2027 and every 5 years thereafter, on not less than 10 days
and not more than 60 days' notice, TD may redeem the Series 28
Shares, in whole or in part, at $1000
per share, plus any declared and unpaid dividends, subject to
regulatory approval.
Net proceeds from the offering will be used for general
corporate purposes.
The Series 28 Shares will be offered by way of a prospectus
supplement to the bank's short form base shelf prospectus dated
January 4, 2021, to be filed on or
about July 20,2022 with the
securities commissions and other similar regulatory authorities in
each of the provinces and territories of Canada.
The Series 28 Shares 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). 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 fifth
largest bank in North America by assets and serves over
26 million customers in three key businesses operating in a number
of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; 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; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services
firms, with more than 15 million active online and mobile
customers. TD had CDN$1.8 trillion in assets
on April 30, 2022. The Toronto-Dominion Bank trades under the
symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group