TORONTO, June 20,
2024 /CNW/ - The Toronto-Dominion Bank ("TD Bank
Group" or "TD") announced today that it intends to exercise its
right to redeem on July 25, 2024 (the
"Redemption Date"), all of its outstanding $1.5 billion 3.224% medium term notes due
July 25, 2029 (non-viability
contingent capital (NVCC)) constituting subordinated indebtedness
of TD (the "3.224% Subordinated Notes"), at a redemption price of
100 per cent of the principal amount, plus accrued and unpaid
interest to, but excluding, the Redemption Date.
Notice will be delivered to the holders of the 3.224%
Subordinated Notes in accordance with the terms thereof.
Interest on the 3.224% Subordinated Notes will cease to accrue on
and after the Redemption Date. 3.224% Subordinated Notes
redeemed by TD Bank Group will be cancelled and will not be
reissued.
Additionally, in respect of its $1.25
billion 4.859% medium term notes due March 4, 2031 (NVCC) constituting subordinated
indebtedness of TD (the "4.859% Subordinated Notes"), the Bank also
announced that it intends, if considered necessary at a future
date, to seek consent from holders of the 4.859% Subordinated Notes
to amend the terms of such notes to reflect the replacement of the
Canadian Dollar Offered Rate ("CDOR") as the basis for determining
the floating interest rate applicable to the 4.859% Subordinated
Notes.
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 $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