Toronto-Dominion Bank is offering 14 million of its series 18 preferred shares at C$25 per share. Gross proceeds are calculated to reach C$350 million.
The offering has been increased from an earlier announced 10 million shares, which would have brought in C$250 million. The underwriters, led by TD Securities Inc., have the option to purchase up to 2 million more of the shares.
The series 18 shares have an annual yield of 4.70% for an initial period ending April 30, 2023. The dividend will then reset every five years at a level of 2.70% over the then-five-year Government of Canada bond yield.
The series 18 shares are convertible into series 19 shares beginning April 30, 2023.
The offering is expected to close March 14.
