Bank of Montreal will list six million non-cumulative perpetual Class B preferred shares, Series 35, on the Toronto Stock Exchange at the open on Wednesday, July 29, 2015, according to the TSX. As in a July 22, 2015, prospectus supplement, the bank plans to sell six million Series 35 shares at $25 each, raising $150-million.

The bank plans to pay quarterly cash dividends of 31.25 cents per share on the 25th day of February, May, August and November in each year on the Series 35 shares. The initial dividend, if declared, will be 40.753 cents per share, based on the offering closing on July 29, 2015, and will be paid on Nov. 25, 2015.

The Series 35 shares do not have a fixed maturity date are not redeemable at the option of the holder. The shares are not redeemable by the bank before Aug. 25, 2020. On and after Aug. 25, 2020, the bank may redeem any or all of the Series 35 shares for $26 per share if redeemed before Aug. 25, 2021. If redeemed on or after Aug. 25, 2021, but before Aug. 25, 2022, it can redeem the shares for $25.75 each. If redeemed on or after Aug. 25, 2022, but before Aug. 25, 2023, it can redeem the shares for $25.50 each. If redeemed on or after Aug. 25, 2023, but before Aug. 25, 2024, it can redeem the shares for $25.25 each. If redeemed on or after Aug. 25, 2024, it can redeem the shares for $25 each, in each case together will all declared and unpaid dividends.

The TSX reports the Series 35 preferred shares will trade under the symbol BMO.PR.Z and Cusip No. 06367X 40 8.