trending Market Intelligence /marketintelligence/en/news-insights/trending/8bQQoaO7VIh91L3v_P-Aog2 content esgSubNav
In This List

TD Bank to issue C$250M in preferred shares

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Podcast

Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


TD Bank to issue C$250M in preferred shares

Toronto-Dominion Bank announced a domestic public offering of noncumulative five-year rate reset preferred shares, series 22, for gross proceeds of C$250 million.

The company plans to issue, on a bought-deal basis, 10 million series 22 shares for C$25 apiece, through a group of underwriters led by TD Securities Inc.

The company also granted the underwriters an option to buy up to an additional 2 million series 22 shares, on the same terms. The option is exercisable, in whole or in part, at any time up to two business days prior to the closing of the offering.

The shares will yield 5.20% annually, with quarterly dividends, over the period ending April 30, 2024. After that, every five years, the dividend rate will reset at 3.27% over the then-five-year Government of Canada bond yield.

Toronto-Dominion, subject to regulatory approval, has the option to redeem all or part of the shares on April 30, 2024, and on April 30 every five years thereafter, at C$25 per share.

The company expects to close the offering on Jan. 28 and to use the net proceeds for general corporate purposes.

Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group.