The Toronto-Dominion Bank has announced:
that it will exercise its right to redeem all of its 10 million outstanding Non-cumulative 5-Year Rate Reset Preferred Shares, Series AA (the “Series AA Shares”) on January 31, 2014 at the price per share of $25.00, for an aggregate total of approximately $250 million.
TD also announced it will exercise its right to redeem all of its 8.8 million outstanding Non-cumulative 5-Year Rate Reset Preferred Shares, Series AC (the “Series AC Shares”) on January 31, 2014 at the price per share of $25.00, for an aggregate total of approximately $220 million.
On December 5, 2013, the Board of Directors of TD declared quarterly dividends of $0.3125 per Series AA Share and $0.35 per Series AC Share. These will be the final dividends on the Series AA Shares and Series AC Shares, respectively, and will be paid in the usual manner on January 31, 2014 to shareholders of record on January 8, 2014, as previously announced. After January 31, 2014, the Series AA Shares and Series AC Shares will cease to be entitled to dividends and the holders of such shares will not be entitled to exercise any right in respect thereof except that of receiving the redemption amount.
Instructions with respect to receipt of the redemption amount will be set out in the Letter of Transmittal to be mailed to registered holders of the Series AA Shares and Series AC Shares shortly. Inquiries should be directed to our Registrar and Transfer Agent, CST Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860). Beneficial holders who are not directly the registered holder of these shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Further details and instructions will be posted shortly to our website, http://www.td.com/investor-relations/ir-homepage/share-information/preferred-shares/preferred.jsp.
TD.PR.A is a FixedReset, 5.00%+196bp, announced 2008-9-2 and closing 2008-9-12 … on the Friday before the before the Lehman Bankruptcy Weekend.
TD.PR.C is a FixedReset, 5.60%+274, announced 2008-10-27 and settling 2008-11-5 … slap in the middle of the biggest preferred share rout in memory.
It’s somewhat surprising that TD.PR.A was called – 196bp is a fairly modest Issue Reset Spread.
This entry was posted on Tuesday, December 24th, 2013 at 3:01 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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TD.PR.A & TD.PR.C To Be Redeemed
The Toronto-Dominion Bank has announced:
TD.PR.A is a FixedReset, 5.00%+196bp, announced 2008-9-2 and closing 2008-9-12 … on the Friday before the before the Lehman Bankruptcy Weekend.
TD.PR.C is a FixedReset, 5.60%+274, announced 2008-10-27 and settling 2008-11-5 … slap in the middle of the biggest preferred share rout in memory.
It’s somewhat surprising that TD.PR.A was called – 196bp is a fairly modest Issue Reset Spread.
This entry was posted on Tuesday, December 24th, 2013 at 3:01 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.