By Wendy Van Sickle
Columbus, Ohio, May 24 – Toronto-Dominion Bank priced $2 million of callable contingent interest barrier notes due May 4, 2023 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the annual rate of 7.36% if the stock closes at or above the coupon barrier price, 75% of the initial share price, on the observation date for that period.
The notes will be callable at par plus the contingent interest payment on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the stock finishes below the barrier price, 75% of the initial share price, in which case investors will be fully exposed to the decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying stock: | Microsoft Corp.
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| Amount: | $2 million
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| Maturity: | May 4, 2023
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| Coupon: | 7.36% annual rate, payable quarterly if underlier finishes above 75% of initial level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless the stock finishes below barrier price, in which case full exposure to decline
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| Call: | At par plus contingent interest payment on any quarterly observation date after six months
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| Initial share price: | $252.18
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| Coupon barrier/barrier level: | $189.135, 75% of initial levels
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| Pricing date: | April 30
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| Settlement date: | May 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89117GAC1
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