TORONTO, June 2 /CNW/ - The Toronto-Dominion Bank ("TD") today announced
that a group of underwriters led by TD Securities Inc. has exercised the
option to purchase an additional 2 million non-cumulative 5-Year Reset
Preferred Shares, Series S (the "Series S Shares") carrying a face value of
$25.00 per share. This brings the total issue announced on May 29, 2008, and
expected to close June 11, 2008, to 10 million shares and gross proceeds
raised under the offering to $250 million. TD has filed in Canada a prospectus
supplement to its January 11, 2007 short form base shelf prospectus in respect
of this issue.
The Series S Shares will yield 5.00% per cent annually, payable
quarterly, as and when declared by the Board of Directors of TD, for the
initial period ending July 31, 2013. Thereafter, the dividend rate will reset
every five years at a level of 160 basis points over the then five-year
Government of Canada bond yield.
Holders of the Series S Shares will have the right to convert all or any
part of their shares into non-cumulative Floating Rate Preferred Shares,
Series T (the "Series T Shares"), subject to certain conditions, on July 31,
2013, and on July 31 every five years thereafter. Holders of the Series T
Shares will be entitled to receive quarterly floating dividends, as and when
declared by the Board of Directors of TD, equal to the then three-month
Government of Canada Treasury Bill yield plus 160 basis points.
The securities offered 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 the
registration requirements. This press release shall not constitute an offer to
sell securities in the United States.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the seventh largest bank
in North America by branches and serves more than 17 million customers in four
key businesses operating in a number of locations in key financial centres
around the globe: Canadian Personal and Commercial Banking, including TD
Canada Trust; Wealth Management, including TD Waterhouse and an investment in
TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth and
Commerce; and Wholesale Banking, including TD Securities. TD Bank Financial
Group also ranks among the world's leading on-line financial services firms,
with more than 5.5 million on-line customers. TD Bank Financial Group had
CDN$503.6 billion in assets as of April 30, 2008. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD", as
well as on the Tokyo Stock Exchange.
For further information: John van Boxmeer, Associate Vice President,
Capital Finance, (416) 308-7309; or Nicholas Petter, Manager, Corporate and
Public Affairs, (416) 308-1861