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TD Bank Group Announces Redemption of Non-cumulative Class A First Preferred Shares, Series S and Series T
The Toronto-Dominion Bank (“TD Bank Group” or “TD”) 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 (the “Series S Shares”) 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 Non-cumulative Class A First Preferred Shares, Series T (the “Series T Shares”) on July 31, 2018 at the price of $25.00 per Series T Share, for an aggregate total of approximately $115 million.
On May 24, 2018, TD announced that dividends of $0.2106875 per Series S Share and $0.16787500 per Series T Share had been declared. These will be the final dividends on the Series S Shares and Series T Shares, respectively, and will be paid in the usual manner on July 31, 2018 to shareholders of record on July 10, 2018, as previously announced. After July 31, 2018, the Series S Shares and Series T Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.
With the announcement of the redemption of the Series S Shares and Series T Shares, the right of any holder of Series S Shares or Series T Shares to convert such shares will cease and terminate.
Beneficial holders who are not directly the registered holder of Series S Shares or Series T Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, AST Trust Company (Canada), at 1-800-387-0825 (or in Toronto 416-682-3860).
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