TD Bank Group launches new share issue

The Toronto-Dominion Bank today announced the launch of a domestic public offering of Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares (NVCC), Series 27.

To raise $850 million in gross proceeds, TD will issue 850 thousand Series 27 Shares at $1,000 each to certain institutional investors. On the issuance, TD Securities is the lead agent and sole bookrunner. The deadline for submissions is April 4, 2022.

For the first term ending October 31, 2027, the Series 27 Shares will yield 5.75 percent annually, with dividends payable semi-annually, as and when declared by TD’s Board of Directors. After then, every five years, the dividend rate will be reset at a rate equal to 3.317 percent over the 5-year Government of Canada bond yield.

TD may redeem the Series 27 Shares, in whole or in part, at $1000 per share, plus any declared and unpaid dividends, during the period from October 1, 2027 to and including October 31, 2027, and every 5 years thereafter, on not less than 15 days’ notice and not more than 60 days’ notice, subject to regulatory approval.

The offering’s net proceeds will be used for general corporate purposes.

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