By Marisa Wong
Los Angeles, July 10 – Bank of Montreal priced $25 million of fixed-to-floating rate notes due June 29, 2022 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.9% per year initially. Beginning on Dec. 29, the interest rate is SOFR plus a spread of 60 basis points, subject to a floor of 0% and a cap of 2.5%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Fixed-to-floating rate notes
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| Underlying rate: | SOFR
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| Amount: | $25 million
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| Maturity: | June 29, 2022
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| Coupon: | 0.9% per year until Dec. 29; then SOFR plus 60 bps, with floor of 0% and a cap of 2.5%; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | June 25
|
| Settlement date: | June 29
|
| Agent: | BMO Capital Markets Corp.
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| Cusip: | 06367WT60
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