07:11 AM EST, 12/11/2024 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) said Wednesday it priced a Canadian public offering of 750 million Canadian dollars ($528.7 million) of 5.909% non-viability contingent capital additional tier 1 limited recourse capital notes, series 5.

The company said the limited recourse capital notes will pay interest at an annual rate of 5.909%, payable quarterly, until Jan. 31, 2030, after which the rate will reset every five years based on the 5-year Government of Canada Yield plus 3.10%.

The notes will mature on Jan. 31, 2085, with the offering expected to close on Dec. 18.

The company also said it would concurrently issue 750,000 non-cumulative 5-year fixed rate reset non-viability contingent capital preferred shares, series 32, to Computershare Trust Company of Canada. In the event of non-payment, holders' recourse is limited to their share of the trust's assets, which include the preferred shares.

The net proceeds from the offering will support general corporate purposes, including the redemption of its capital securities and repayment of other liabilities, the company said.