TD Bank Completes US$750 Million Limited Recourse Capital Notes Offering
08.02.24
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The Firm represented The Toronto-Dominion Bank (“TD”) in connection with its U.S. public offering of US$750 million aggregate principal amount of its 7.25% Fixed Rate Reset Limited Recourse Capital Notes, Series 4 (Non-Viability Contingent Capital) (the “Notes”) and concurrent issuance of 750,000 Non-Cumulative 7.25% Fixed Rate Reset Preferred Shares, Series 31 (Non-Viability Contingent Capital) to be held in a limited recourse trust. The proceeds from the Notes offering will be used for general corporate purposes and are expected to qualify as “Additional Tier 1” capital of TD for regulatory purposes.
TD is the sixth largest bank in North America by assets and serves over 27.5 million customers. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had CDN$1.97 trillion in assets on April 30, 2024.
The Simpson Thacher team included Lesley Peng, Anna Jarman, Albert Murzakhanov and Jerry Du (Capital Markets); Andrew Purcell, Jonathan Cantor and Kris Liu (Tax); Spencer Sloan (Bank Regulatory); and Jeanne Annarumma (ERISA).