Ms. Elizabeth Goldenshtein reports

TD BANK GROUP TO ISSUE NVCC SUBORDINATED DEBENTURES

Toronto-Dominion Bank has arranged a domestic public offering of $1-billion of medium-term notes (non-viability contingent capital (NVCC)) constituting subordinated indebtedness of the bank. The notes will be issued and sold through a dealer syndicate led by TD Securities Inc.

The notes are expected to be issued on Jan. 31, 2025, and will bear interest at a fixed rate of 4.231 per cent per annum (paid semi-annually) until Feb. 1, 2030, and at daily compounded CORRA (Canadian overnight repo rate average) plus 1.54 per cent thereafter (paid quarterly) until maturity on Feb. 1, 2035.

The bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the notes on or after Feb. 1, 2030, in whole or in part, at par plus accrued and unpaid interest on not more than 60 nor less than 10 days of notice to holders.

The net proceeds from this transaction will be used for general corporate purposes, including the redemption of outstanding capital securities of TD and/or the repayment of other outstanding liabilities of TD.

About Toronto-Dominion Bank

TD Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth-largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: canadian personal and commercial banking, including TD Canada Trust and TD Auto Finance Canada; United States retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S. and TD Wealth (U.S.), and an investment in The Charles Schwab Corp.; wealth management and insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and wholesale banking, including TD Securities and TD Cowen. TD also ranks among the world's leading on-line financial services firms, with more than 17 million active on-line and mobile customers. TD had $2.06-trillion in assets on Oct. 31, 2024. TD Bank trades under the symbol TD on the Toronto Stock Exchange and New York Stock Exchange.