TD Bank to redeem C$550 million in class A preferreds, series M and N

By Tali David

Minneapolis, Sept. 19 - Toronto-Dominion Bank announced that it will exercise its right to redeem all of its 14 million outstanding class A first preferred shares, series M on Oct. 31 at a price per share of C$25.50 for a total of C$357 million. The redemption price represents a C$0.50 premium to the C$25.00 per share face price.

TD also announced it will redeem all of its 8 million outstanding class A first preferred shares, series N on Oct. 31 at a price per share of C$25.50 for a total of C$204 million, according to a news release. The redemption price represents a C$0.50 premium to the C$25.00 per share face price.

On Sept. 1, the TD board of directors declared a quarterly dividend of C$0.29375 per series M share and C$0.2875 per series N share. These will be the final dividends on the series M shares and series N shares, respectively, and will be paid in the usual manner on Oct. 31 to shareholders of record on Oct. 11, as previously announced.

The Toronto-Dominion Bank Group is a Toronto-based financial products and services group.

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