{"id":50478,"date":"2019-07-19T20:39:00","date_gmt":"2019-07-20T00:39:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50478"},"modified":"2025-10-29T20:41:12","modified_gmt":"2025-10-30T00:41:12","slug":"td-pf-b-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50478","title":{"rendered":"TD.PF.B : No Conversion to FloatingReset"},"content":{"rendered":"<p>The Toronto-Dominion Bank <a href=\"http:\/\/td.mediaroom.com\/2019-07-18-TD-Announces-Results-of-Conversion-Privilege-of-Non-Cumulative-5-Year-Rate-Reset-Preferred-Shares-Series-3-NVCC\">has announced<\/a>:<\/p>\n<blockquote><p>that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3 (Non-Viability Contingent Capital (NVCC)) (the &#8220;Series 3 Shares&#8221;) will be converted on July 31, 2019 into Non-Cumulative Floating Rate Preferred Shares, Series 4 (NVCC)  (the &#8220;Series 4 Shares&#8221;) of TD. <\/p>\n<p>During the conversion period, which ran from July 2, 2019 to July 16, 2019, 350,885 Series 3 Shares were tendered for conversion into Series 4 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 3 Shares dated July 24, 2014. As a result, no Series 4 Shares will be issued on July 31, 2019 and holders of Series 3 Shares will retain their Series 3 Shares.<\/p>\n<p>The Series 3 Shares are currently listed on the Toronto Stock Exchange under the symbol TD.PF.B. As previously announced on July 2, 2019, the dividend rate for the Series 3 Shares for the 5 year period from and including July 31, 2019 to but excluding July 31, 2024 will be 3.681%.<\/p>\n<\/blockquote>\n<p>TD.PF.B is a FixedReset 3.80%+227, NVCC-compliant, issue that <a href=\"http:\/\/prefblog.com\/?p=25960\">commenced trading 2014-7-31<\/a> after being <a href=\"http:\/\/prefblog.com\/?p=25884\">announced 2014-7-22<\/a>. TD provided <a href=\"http:\/\/prefblog.com\/?p=39001\">notice of extension on 2019-6-25<\/a>. The issue <a href=\"http:\/\/prefblog.com\/?p=39033\">will reset At 3.681%<\/a> effective July 31, 2019. I <a href=\"http:\/\/prefblog.com\/?p=39085\">recommended against conversion<\/a>. The issue is tracked by HIMIPref\u2122 and is assigned to the FixedReset (Discount) subindex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-Dominion Bank has announced: that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3 (Non-Viability Contingent Capital (NVCC)) (the &#8220;Series 3 Shares&#8221;) will be converted on July 31, 2019 into &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-50478","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50478"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50478\/revisions"}],"predecessor-version":[{"id":50479,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50478\/revisions\/50479"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}