TORONTO, Sept. 24, 2019 /CNW/ - The Toronto-Dominion Bank
("TD Bank Group" or "TD") announced today that it does not intend
to exercise its right to redeem all or any part of the currently
outstanding 20 million Non-Cumulative 5-Year Rate Reset Preferred
Shares, Series 1 (Non-Viability Contingent Capital (NVCC)) (the
"Series 1 Shares") of TD on October 31,
2019. As a result and subject to certain conditions set out
in the prospectus supplement dated May 28,
2014 relating to the issuance of the Series 1 Shares, the
holders of the Series 1 Shares have the right to convert all or
part of their Series 1 Shares, on a one-for-one basis, into
Non-Cumulative Floating Rate Preferred Shares, Series 2 (NVCC) (the
"Series 2 Shares") of TD on October
31, 2019. Holders who do not exercise their right to
convert their Series 1 Shares into Series 2 Shares on such date
will continue to hold their Series 1 Shares.
The foregoing conversion right is subject to the conditions
that: (i) if TD determines that there would be less than 1,000,000
Series 2 Shares outstanding after taking into account all shares
tendered for conversion on October 31,
2019, then holders of Series 1 Shares will not be entitled
to convert their shares into Series 2 Shares, and (ii)
alternatively, if TD determines that there would remain outstanding
less than 1,000,000 Series 1 Shares after taking into account all
shares tendered for conversion on October
31, 2019, then all remaining Series 1 Shares will
automatically be converted into Series 2 Shares on a one-for-one
basis on October 31, 2019. In either
case, TD will give written notice to that effect to holders of
Series 1 Shares no later than October 24,
2019.
The dividend rate applicable to the Series 1 Shares for the
5-year period from and including October 31,
2019 to but excluding October 31,
2024, and the dividend rate applicable to the Series 2
Shares for the 3-month period from and including October 31, 2019 to but excluding January 31, 2020, will be determined and
announced by way of a press release on October 1, 2019.
Beneficial owners of Series 1 Shares who wish to exercise their
conversion right should communicate as soon as possible with their
broker or other nominee to obtain instructions for exercising such
right during the conversion period, which runs from October 1, 2019 until 5:00
p.m. (Toronto time) on
October 16, 2019.
Inquiries should be directed to TD's Registrar and Transfer
Agent, AST Trust Company (Canada),
at 1-800-387-0825 (or in Toronto
416-682-3860).
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the fifth
largest bank in North America by
branches and serves over 26 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in TD Ameritrade; and Wholesale Banking,
including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 13 million
active online and mobile customers. TD had CDN$1.4 trillion in assets on July 31, 2019. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group