The Toronto-Dominion Bank announced today its intention to redeem all of its $ billion of outstanding 4.54% subordinated debentures due Sept. 5, 2013, at a redemption price of 100% of the principal amount.
Interest on the debentures will cease to accrue on and after the redemption date, Sept. 5, 2008.
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Shareholders to get $32 per share in cash, a 33% premium relative to the last closing price
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The cuts are not reflective of the state of the underlying business, the firm says