trending Market Intelligence /marketintelligence/en/news-insights/trending/osfjt-6a3xpxmcyzt0cfkg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

TD Bank to issue C$250M in preferred shares

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

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 20, for gross proceeds of C$250 million.

The company plans to issue, on a bought deal basis, 10 million series 20 shares for C$25 per share, 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 20 shares, on the same terms.

The shares will yield 4.75% annually, with quarterly dividends, over the period ending Oct. 31, 2023. After that, every five years, the dividend rate will reset at 2.59% 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 Oct. 31, 2023, and on Oct. 31 every five years thereafter, at C$25 per share.

The company expects to close the transaction Sept. 13 and to use the net proceeds for general corporate purposes.

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