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TD Bank Group to Issue Australian Dollar NVCC Subordinated Debentures
The issuance of TD Bank AUD Subordinated Debentures shows that the group is still focused on getting money from a variety of sources. These fixed-to-floating rate debentures, which are issued in Australian dollars and meet NVCC standards, are part of TD Bank’s larger plan to boost its Tier 2 capital base in line with Basel III rules.
The Notes will bear interest at a fixed rate of 5.93% per annum (paid semi-annually) until July 23, 2035, and at the 3-month BBSW rate yield plus 1.500% thereafter (paid quarterly) until maturity on July 23, 2040. The Bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the Notes on July 23, 2035, in whole but not in part, at par plus accrued and unpaid interest on not more than 60 nor less than 10 days’ notice to holders.
Net proceeds from the issuance of the Notes will be used for general corporate purposes, which may include the redemption of outstanding capital securities and/or the repayment of other outstanding liabilities. The Notes are expected to qualify as Tier 2 capital of TD for regulatory purposes.
The Toronto-Dominion Bank, London Branch is the sole manager on the issue.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell securities in the United States.
The launch of the TD Bank AUD Subordinated Debentures marks another step in the bank’s ongoing capital management strategy, giving fixed income instruments that are compliant and work around the world.
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