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Bank of Montreal
Symbol BMO
Shares Issued 647,470,963
Close 2021-07-15 C$ 126.34
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BMO arranges $1-billion note offering

2021-07-15 18:42 ET - News Release

An anonymous director reports

BANK OF MONTREAL ANNOUNCES SUBORDINATED NOTE ISSUE

Bank of Montreal has arranged a domestic public offering of $1.00-billion of subordinated notes (non-viability contingent capital (NVCC)) through its Canadian medium-term-note program. The net proceeds from this offering will be used for general banking purposes.

The notes bear interest at a fixed rate of 1.928 per cent per annum (paid semi-annually) until July 22, 2026, and at the three-month Canadian dollar offered rate plus 0.59 per cent thereafter (paid quarterly) until their maturity on July 22, 2031. The expected closing date is July 22, 2021. BMO Capital Markets is acting as lead agent on the issue.

The bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the notes on or after July 22, 2026, at par, in whole at any time or in part from time to time, on not fewer than 30 days and not more than 60 days notice to registered holders, at a redemption price that is equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.

At any time on or after a special event redemption date prior to July 22, 2026, the bank may, at its option, with the prior approval of the superintendent, on giving not more than 60 nor fewer than 30 days notice to the registered holders of the notes, redeem all (but not fewer than all) of the notes at a redemption price that is equal to the greater of the Canada yield price and par, together in either case with accrued and unpaid interest to, but excluding, the date fixed for redemption.

About Bank of Montreal

Serving customers for 200 years and counting, BMO is a highly diversified financial service provider -- the eighth largest bank, by assets, in North America. With total assets of $950-billion as of April 30, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers, and conducts business through three operating groups: personal and commercial banking, BMO Wealth Management, and BMO Capital Markets.

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