By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – Toronto-Dominion Bank priced $2.57 million of autocallable contingent interest barrier notes due July 25, 2024 linked to the least performing of the common stocks of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 16.6296% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial prices on any quarterly call 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 least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | Ford Motor Co., General Motors Co. and Tesla, Inc.
|
| Amount: | $2,566,000
|
| Maturity: | July 25, 2024
|
| Coupon: | 16.6296% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any quarterly call observation date after six months
|
| Initial share prices: | $13.91 for Ford, $56.15 for General Motors and $660.50 for Tesla
|
| Coupon barrier prices: | $8.346 for Ford, $33.69 for General Motors and $396.30 for Tesla; 60% of initial levels
|
| Barrier value prices: | $6.955 for Ford, $28.075 for General Motors and $330.25 for Tesla; 50% of initial levels
|
| Pricing date: | July 20
|
| Settlement date: | July 23
|
|
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 89114TMK5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
