New Issue: TD Bank Financial prices $2.583 million 9% notes linked to Lowe's

By Jennifer Chiou

New York, Aug. 21 - TD Bank Financial Group priced a $2.583 million issue of 9% notes due Aug. 24, 2007 linked to the performance of Lowe's Cos., Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.

At maturity, the notes pay par in cash unless Lowe's stock hits the limit price during the term of the notes and ends below the initial value.

If the trigger - set at $23.62, 80% of the initial price - is hit and the stock ends below its initial value, the payout is 33 shares plus the cash value of 0.8753 shares per $1,000 note.

Issuer:	TD Bank Financial Group
Issue:	Equity-linked notes
Underlying stock:	Lowe's Cos., Inc.
Amount:	$2.583 million
Coupon:	9%, payable quarterly
Maturity:	Aug. 24, 2007
Payout at maturity:	If Lowe's stock closes below the limit price of $23.62 at any time up to and including the Aug. 20, 2007 valuation date and closes below the initial price, 33 shares of Lowe's stock and cash value of 0.8753 shares; otherwise par in cash
Exchange ratio:	33.8753
Initial price:	$29.52
Limit price:	$23.62 (80% of initial price)
Pricing date:	Aug. 18
Settlement date:	Aug. 23
Underwriter:	TD Securities

© 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.