Toronto-Dominion Bank (TD) said Thursday it has priced a private placement offering of 30 million Australian dollars ($19.7 million) of fixed-to-floating rate subordinated notes.

The debt notes will bear interest at a rate of 5.93% per year until 2035 and at the three-month Australian bank bill swap rate plus 1.5% afterward until 2040, the company said.

Net proceeds of the offering will be used for general corporate purposes, the bank said.