By Kiku Steinfeld
Chicago, Oct. 10 – Toronto-Dominion Bank priced $500,000 of autocallable contingent interest barrier notes with memory interest due Oct. 7, 2020 linked to the common stock of Facebook, Inc. according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level – 70% of its initial level – on any quarterly review date other than the final one, the notes will pay a contingent coupon for that quarter at the annual rate of 10% and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest barrier.
If the stock closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest barrier.
If the notes are not called and the stock finishes at or above the 70% barrier level, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent interest payments.
Otherwise, investors will be exposed to the stock’s decline from the initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stock: | Facebook, Inc.
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| Amount: | $500,000
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| Maturity: | Oct. 7, 2020
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| Coupon: | 10% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates if stock closes at or above barrier price on any quarterly review date other than the final one
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon and previously unpaid interest payments if stock closes above 70% barrier level; otherwise full exposure to losses
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| Call: | If stock closes at or above initial level on any quarterly review date other than the final one, automatically at par plus contingent coupon and any previously unpaid contingent interest payments
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| Initial stock price: | $190.14
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| Barrier price: | $134.2388, 70% of initial stock price
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 25
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 89114R2H8
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