PrefBlog

The Toronto-Dominion Bank has announced:

that none of its 14 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 7 (Non-Viability Contingent Capital (NVCC)) (the “Series 7 Shares”) will be converted on July 31, 2020 into Non-Cumulative Floating Rate Preferred Shares, Series 8 (NVCC) (the “Series 8 Shares”) of TD.

During the conversion period, which ran from July 2, 2020 to July 16, 2020, 119,697 Series 7 Shares were tendered for conversion into Series 8 Shares, which is less than the minimum 1,000,000 shares required to give effect to the conversion, as described in the prospectus supplement for the Series 7 Shares dated March 3, 2015. As a result, no Series 8 Shares will be issued on July 31, 2020 and holders of Series 7 Shares will retain their Series 7 Shares.

The Series 7 Shares are currently listed on the Toronto Stock Exchange under the symbol TD.PF.D. As previously announced on July 2, 2020, the dividend rate for the Series 7 Shares for the 5 year period from and including July 31, 2020 to but excluding July 31, 2025 will be 3.201%.

TD.PF.D is a FixedReset, 3.60%+279, that commenced trading 2015-3-10 after being announced 2015-2-27. Notice of extension was provided on 2020-6-18. The issue will reset at 3.201% effective 2020-7-31. The issue is NVCC-compliant, is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

This entry was posted on Friday, July 17th, 2020 at 11:56 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.