PrefBlog

The Toronto-Dominion Bank has announced:

that it will exercise its right to redeem all of its 17 million outstanding Class A First Preferred Shares, Series O (the “Series O Shares”) on October 31, 2014 at the price per share of $25.00, for an aggregate total of approximately $425 million.

On August 28, 2014, the Board of Directors of TD declared quarterly dividends of $0.303125 per Series O Share. These will be the final dividends on the Series O Shares and will be paid in the usual manner on October 31, 2014 to shareholders of record on October 8, 2014, as previously announced. After October 31, 2014, the Series O 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.

Beneficial holders who are not directly the registered holder of Series O 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. 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 O 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).

Update, 2014-10-01: The coupon on TD.PR.O is 4.85%.

This entry was posted on Tuesday, September 23rd, 2014 at 11:53 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.