TD Bank has announced:
that 4,612,509 of its 10 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series S (the “Series S Shares”) will be converted on July 31, 2013, on a one-for-one basis, into Non-Cumulative Floating Rate Preferred Shares, Series T (the “Series T Shares”) of TD. As a result, on July 31, 2013, TD will have 5,387,491 Series S Shares and 4,612,509 Series T Shares issued and outstanding. The Series S Shares and the Series T Shares will be listed on the Toronto Stock Exchange under the symbols TD.PR.S and TD.PR.T, respectively.
TD.PR.S will reset at 3.371%. I had recommended conversion into the FloatingResets.