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Preferred Share Description
Toronto-Dominion Bank (TD.PR.S) **Shares Have Been Redeemed**
3.37% Non-Cumulative, Redeemable, Rate Reset, Class A, 1st preferred shares, Series S
Prospectus - May 30,2008
Redemption Notice - June 5, 2018 The Toronto-Dominion Bank announced today that it will exercise its right to redeem all of its 5,387,491 outstanding Non-cumulative Class A First Preferred Shares, Series S on July 31, 2018 at the price of $25.00 per Series S Share, for an aggregate total of approximately $135 million. TD also announced that it will exercise its right to redeem all of its 4,612,509 outstanding Noncumulative Class A First Preferred Shares, Series T on July 31, 2018 at the price of $25.00 per Series T Share, for an aggregate total of approximately $115 million.
DBRS Credit Rating: July 31, 2017 - DBRS has today confirmed the ratings of The Toronto-Dominion Bank and its related entities, including TD’s Long-Term Issuer Rating at AA and Short-Term Issuer Rating at R-1 (high). TD’s Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA (low) and a Support Assessment (SA) of SA2, reflecting the expectation of timely, systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS). The SA2 designation results in a one-notch uplift to the Long-Term Issuer Rating. The trends on TD’s short-term ratings, as well as the Long-Term Issuer Rating, Long-Term Senior Debt, Long-Term Deposits and older-style subordinated debt, have been revised to Stable from Negative, while other capital instruments whose ratings are notched down from the Bank’s IA remain Stable.
Note: The Series S shares originally paid an annual dividend of $1.25 per share or 5.00%. This dividend rate was reset on July 31, 2013 to $0.84275 per share or 3.371%.
On July 31, 2013, 4,612,509 shares exercised their option to convert into an equal number of Series T Floating-Rate preferred shares. See TD.PR.T for more details.
Note: DBRS downgraded the credit rating from Pfd-1(low) to Pfd-2(high) on December 9, 2013
- DBRS Rating
- Pfd-2 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $0.84275 per share per year
- Dividend Dates
- On the last day of January, April, July and October
- Dividend Details
- The dividend rate will be reset on July 31, 2018 and on July 31st every five years thereafter. The annual dividend rate will be reset to equal the sum of the Government of Canada Yield (GCAN5YR) plus 1.60%.
- Redeemable at the issuer's option on July 31, 2018 and on July 31st every five years thereafter at $25.00 per share.
- Convertible at the holder's option into Series T Floating-Rate preferred shares on July 31, 2018 and on July 31st every five years thereafter. The Floating Rate preferred share will calculate and pay a quarterly dividend equal to the sum of the Government of Canada 3-month Treasury Bill Rate plus 1.60%. On July 31, 2018 and on July 31st every five years thereafter, holders of the Series T Floating Rate shares will have the right to convert their shares into Series S preferred shares.
- Lead Underwriter(s)
- TD Securities Inc., RBC Dominion Securities, BMO Nesbitt Burns
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated