06:32 AM EST, 12/24/2024 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) (TD.TO, TD) late on Monday said it will exercise its right to redeem all of its 20 million outstanding non-cumulative five-year rate reset class A first preferred shares, series 5, on Jan. 31 at $25 per share for total proceeds of $500 million.

TD Bank on Dec. 5 said it will pay a dividend of $0.24225 per share. These is the final dividend on the shares and will be paid Jan. 31 to shareholders of record on Jan. 10.

After Jan. 31, the shares will no longer be entitled to dividends and the only remaining rights of holders will be to receive payment of the redemption amount.