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Preferred Share Description
Toronto-Dominion Bank (TD.PR.T) **Shares Have Been Redeemed**
Floating-Rate, Non-Cumulative, Redeemable, Class A, 1st preferred shares, Series T
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 T Floating-Rate shares began trading on July 31, 2013 as the result of Series S, Rate-Reset, preferred shareholders exercising their option to convert into Series T.
The initial quarterly dividend rate has been set at 2.624% for the July - October 2013 period.
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
- Floating Rate
- Dividend Dates
- On the last day of January, April, July and October
- Dividend Details
- The dividend rate for the floating rate, Series T, preferred shares will be calculated and paid quarterly at a rate equal to the sum of the 90-day Government of Canada Treasury Bill yield plus 1.60%, as determined in accordance with the terms of the Series T shares.
- Redeemable at any time after July 31, 2013 by the issuer at $25.50 per share, but redeemable at the issuer's option on July 31, 2018 and on July 31st every five years thereafter at $25.00 per share.
- On July 31, 2018 and on July 31st every five years thereafter, holders of the Series T Floating-Rate preferred shares will have the option to convert their shares into the Rate-Reset, 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