TORONTO, Oct. 1, 2024
/CNW/ - The Toronto-Dominion Bank ("TD") announced today the
applicable dividend rates for its Non-Cumulative 5-Year Rate Reset
Class A First Preferred Shares, Series 1 (Non-Viability Contingent
Capital (NVCC)) (the "Series 1 Shares") and Non-Cumulative Floating
Rate Class A First Preferred Shares, Series 2 (NVCC) (the "Series 2
Shares").
With respect to any Series 1 Shares that remain outstanding
after October 31, 2024, holders of
the Series 1 Shares will be entitled to receive quarterly fixed
non-cumulative preferential cash dividends, as and when declared by
the Board of Directors of TD, subject to the provisions of the
Bank Act (Canada). The
dividend rate for the 5-year period from and including October 31, 2024 to but excluding October 31, 2029 will be 4.97%, being equal to
the 5-Year Government of Canada
bond yield determined as at October 1,
2024 plus 2.24%, as determined in accordance with the terms
of the Series 1 Shares.
With respect to any Series 2 Shares that may be issued on
October 31, 2024, holders of the
Series 2 Shares will be entitled to receive quarterly floating rate
non-cumulative preferential cash dividends, calculated on the basis
of the actual number of days elapsed in such quarterly period
divided by 365, as and when declared by the Board of Directors of
TD, subject to the provisions of the Bank Act (Canada). The dividend rate for the floating
rate period from and including October 31,
2024 to but excluding January 31,
2025, will be 6.219%, being equal to the 3-month Government
of Canada Treasury Bill yield determined as of October 1, 2024 plus 2.24%, as determined in
accordance with the terms of the Series 2 Shares.
Beneficial owners of Series 1 Shares who wish to exercise their
conversion right should communicate as soon as possible with their
broker or other nominee to obtain instructions for exercising such
right on or prior to the deadline for exercise, which is
5:00 p.m. (Toronto time) on October 16, 2024.
Inquiries should be directed to TD's Registrar and Transfer
Agent, TSX Trust Company at 1-800-387-0825 (or in Toronto 416-682-3860).
About TD Bank Group
TD and its subsidiaries are collectively known as TD Bank Group.
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 July 31, 2024. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group