Loan & DebtJun 5, 2026, 06:07 AM
TD Prices C$1.25B NVCC AT1 Limited Recourse Capital Notes
AI Summary
The Toronto-Dominion Bank announced the pricing of a C$1.25 billion public offering of 5.918% Non-Viability Contingent Capital (NVCC) Additional Tier 1 (AT1) Limited Recourse Capital Notes Series 7. These notes will bear interest at 5.918% annually until July 31, 2031, and mature on July 31, 2086. The net proceeds will be used for general corporate purposes, with the offering expected to close on June 11, 2026.
Key Highlights
- TD priced a C$1.25 billion public offering of Non-Viability Contingent Capital (NVCC) Additional Tier 1 (AT1) Limited Recourse Capital Notes Series 7.
- The notes will bear an initial interest rate of 5.918% annually, payable quarterly.
- The initial interest period ends on July 31, 2031, with rates resetting every five years thereafter.
- The Limited Recourse Capital Notes (LRCNs) will mature on July 31, 2086.
- The expected closing date for the offering is June 11, 2026.
- Net proceeds from this transaction will be used for general corporate purposes.
- TD Securities is acting as lead agent and sole bookrunner on the issue.
- Recourse for LRCN holders is limited to Preferred Shares Series 34 held by a trustee.
Price Impact
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