$1 Billion TD Financing

Fasken Campbell Godfrey represented the underwriters, led by TD Securities Inc., in two recent equity offerings by The Toronto-Dominion Bank. The first was a $672 million common share offering completed on August 23, 1999. This transaction started as a Subscription Deposit Receipt offering but was converted into a common equity offering. The second is an offering of Units of Preferred Shares and Warrants. The Preferred Shares and Warrants, initially offered for $102.5 million, are exchangeable, together with additional cash, for another series of Preferred Shares on April 28, 2000 which will raise a further $307.5 million. The net effect is similar to an installment purchase of the second series of Preferred Shares. The Fasken team was comprised of Richard Steinberg, John Hough, Q.C., Doug Cannon, George Glover (Jr.), Jennifer Mazin and Jodi Katz. The Toronto-Dominion Bank was represented by McCarthy Tétrault on both transactions. The McCarthy team was comprised of Owen A. Johnson, Philip C. Moore and David A. Judson (corporate) and James R. Wilson (tax).