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TD Bank upsizes preferred share issuance

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TD Bank upsizes preferred share issuance

Toronto-Dominion Bank is offering 18 million of its series 24 noncumulative five-year rate reset preferred shares at C$25 apiece in a domestic public offering. Gross proceeds are calculated to be C$450 million.

The offering has been increased from an earlier announced 10 million shares, which would have brought in C$250 million.

The company cited "strong investor demand" for the upsize.

The underwriters, led by TD Securities Inc., have the option to purchase up to an additional 2 million of the shares.

The series 24 shares have an annual yield of 5.10%, with quarterly dividends, for an initial period ending July 31, 2024. The dividend rate will then reset every five years at a level of 3.56% over the then-five-year Government of Canada bond yield.

The series 24 shares are convertible into series 25 shares beginning July 31, 2024.

Net proceeds of the offering, which is expected to close June 4, will be used for general corporate purposes.

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