TD will not convert series 7 to series 8, minimum conversion not met

By Taylor Fox

Chicago, July 17 – Toronto-Dominion Bank will not convert any of its 14 million non-cumulative five-year rate reset preferred shares, series 7 into non-cumulative floating rate preferred shares, series 8 on July 31, according to a news release.

During the conversion period, July 2 to July 16, 119,697 series 7 shares were tendered for conversion to series 8 shares. A minimum of 1 million shares were required to give effect to the conversion.

Holders of series 7 share will retain those shares.

The dividend rate for the series 7 shares for the five-year period starting July 31 will be 3.201%.

The financial services and banking company is based in Toronto.

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