TD Bank completes $350 million public offering of NVCC Preferred Shares

On January 28, 2019, The Toronto-Dominion Bank (“TD Bank”) completed its public offering of 14,000,000 of Non-Cumulative 5-Year Rate Reset Preferred Shares (non-viability contingent capital (NVCC)), Series 22 with a face value of $25.00 per share for aggregate proceeds to TD Bank in the amount of $350,000,000. A prospectus supplement to TD Bank’s base shelf prospectus dated December 28,2018 was filed in Canada to qualify the shares. Fasken advised a syndicate of underwriters led by TD Securities on this transaction with a team led by Richard Steinberg, Florind Polo (securities/corporate) and Mitchell Thaw (tax).