By Sarah Lizee
Olympia, Wash., July 18 – Toronto-Dominion Bank priced $4.3 million of autocallable contingent interest barrier notes with memory interest due July 19, 2021 linked to the common stock of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if the shares close at or above the barrier price, 72.5% of the initial share price, on the valuation date for that quarter, plus any previously unpaid coupons.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any valuation date other than the final valuation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, in which case investors will be fully exposed to the stock’s decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory coupon
|
| Underlying stock: | FedEx Corp.
|
| Amount: | $4.3 million
|
| Maturity: | July 19, 2021
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10% per year if shares close at or above barrier price on valuation date for that quarter, plus any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless stock finishes below barrier price, in which case full exposure to stock’s decline
|
| Call: | Automatically at par plus contingent coupon if shares close at or above initial share price on any valuation date other than final valuation date
|
| Initial share price: | $169.79
|
| Barrier price: | $123.0978, 72.5% of initial share price
|
| Pricing date: | July 16
|
| Settlement date: | July 19
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 89114Q3P1
|
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