Well, they didn’t waste much time! After indicating the intention to redeem TD.PR.R on February 27, Toronto Dominion Bank has announced:
that it will exercise its right to redeem all of its 10 million outstanding Non-cumulative Redeemable Class A First Preferred Shares, Series R (the “Series R Shares”) on May 1, 2015 at the cash redemption price of $25.503836 per Series R Share, for total redemption proceeds of approximately $255 million.
The cash redemption price represents the sum of the redemption amount of $25.50 per share, plus an amount equal to the quarterly cash dividend pro rated for the period from and including April 30, 2015 to but excluding May 1, 2015. The regular quarterly dividend of $0.35 per Series R Share will be paid in the usual manner on April 30, 2015 to shareholders of record on April 8, 2015, as previously announced.
From and after May 1, 2015, the Series R Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the cash redemption price.
Beneficial holders who are not directly the registered holder of Series R 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 R 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).
TD.PR.R is a DeemedRetractible, 5.60%, which commenced trading March 12, 2008 after being announced March 3, 2008.
The 2015-4-30 redemption date is its first day of being liable for redemption at 25.50. There can be no great surprise about the redemption intention announcement, given that the redemption of the very similar TD.PR.P and TD.PR.Q issues was announced in late January.
This entry was posted on Thursday, March 5th, 2015 at 9:07 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.
TD.PR.R Redemption Becomes Official
Well, they didn’t waste much time! After indicating the intention to redeem TD.PR.R on February 27, Toronto Dominion Bank has announced:
TD.PR.R is a DeemedRetractible, 5.60%, which commenced trading March 12, 2008 after being announced March 3, 2008.
The 2015-4-30 redemption date is its first day of being liable for redemption at 25.50. There can be no great surprise about the redemption intention announcement, given that the redemption of the very similar TD.PR.P and TD.PR.Q issues was announced in late January.
This entry was posted on Thursday, March 5th, 2015 at 9:07 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.