The Toronto-Dominion Bank announced the pricing of a private placement offering of SGD 250 million of Fixed Rate Reset Perpetual Subordinated Additional Tier 1 Capital Notes, Series 2023-9 Non-Viability Contingent Capital (NVCC) (the "AT1 Perpetual Notes"). The AT1 Perpetual Notes will bear interest at a rate of 5.700% annually, payable semi-annually, for the initial period ending on, but excluding, July 31, 2029. Thereafter, the interest rate on the AT1 Perpetual Notes will reset every five years at a rate equal to the prevailing 5-year SORA-OIS Rate plus 2.652 per cent.

The AT1 Perpetual Notes have no scheduled maturity or redemption date. The expected closing date of the offering is July 10, 2024. TD may redeem the AT1 Perpetual Notes on July 31, 2029 and every January 31st and July 31st thereafter, with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part, on not less than 10 nor more than 60 days' prior notice to holders.

Net proceeds from this transaction will be used for general corporate purposes, which may include the redemption of outstanding capital securities and/or the repayment of other outstanding liabilities. The proceeds of this offering are expected to qualify as "Additional Tier 1" capital of TD for regulatory purposes. DBS Bank Ltd., HSBC, OCBC, Standard Chartered and TD Securities are the joint book-running managers on the issue.