TD Bank Raises $3.2 Billion in U.S. Public Offering of Senior Medium-Term Notes

"The Toronto-Dominion Bank (TD) has successfully completed a U.S. public offering totaling US$3.2 billion in various Senior Medium-Term Notes due between 2028 and 2035. The proceeds will be used for general corporate purposes, including hedging obligations and funding its affiliate, TD Securities (USA) LLC. TD is the sixth largest bank in North America, serving over 28.1 million customers and holding CDN$2.0 trillion in assets as of July 31, 2025. The legal representation for this offering was provided by a team from Simpson Thacher."

The law firm Simpson Thacher represented The Toronto-Dominion Bank (TD) in its recent U.S. public offering. In this transaction, TD raised a total of US$3.2 billion through the issuance of various Senior Medium-Term Notes under its Medium-Term Notes program. The offerings included US$1 billion in 4.109% Senior Medium-Term Notes due 2028, US$500 million in Floating Rate Senior Medium-Term Notes due 2028, a US$450 million reopening of 4.808% Senior Medium-Term Notes due 2030, and US$1.25 billion in 4.928% Senior Medium-Term Notes due 2035. The net proceeds from this offering are intended for general corporate purposes, which may encompass hedging TD’s obligations under the notes and/or funding TD’s affiliate, TD Securities (USA) LLC. The team from Simpson Thacher involved in this transaction included Lesley Peng, Shuhan Zhang, and Sandy Cho from the Capital Markets practice; Andrew Purcell and Jonathan Cantor from the Tax practice; Spencer Sloan from the Bank Regulatory practice; and Jeanne Annarumma from the ERISA practice.

TD Bank Raises $3.2 Billion in U.S. Public Offering of Senior Medium-Term Notes

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