Charles Schwab Enters Share Repurchase Agreement With TD - Quick Facts

(RTTNews) - The Charles Schwab Corporation (SCHW) announced the commencement of a secondary offering of its common stock through which TD Group US Holdings LLC, an affiliate of The Toronto-Dominion Bank, intends to exit its full investment in Charles Schwab. The shares being offered by TD will be sold in an underwritten public offering. Charles Schwab also entered into a share repurchase agreement with TD, conditioned on the secondary offering, pursuant to which Charles Schwab agreed to repurchase $1.5 billion of its nonvoting common stock directly from TD, in a private transaction, at the price per share at which the shares of common stock are sold to the public in the secondary offering less the underwriting discount.

Charles Schwab said the repurchase will be made under existing share repurchase program and will be funded by cash on hand. Following the completion of the repurchase, Charles Schwab expects to have $7.2 billion remaining under authorized program.