By Wendy Van Sickle
Columbus, Ohio, Oct. 9 – Bank of Montreal priced $25 million of fixed-to-floating rate notes due Oct. 7, 2022 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.4% per year initially. Beginning on April 7, 2021, the interest rate is SOFR plus a spread of 30 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| 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: | Oct. 7, 2022
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| Coupon: | 0.4% per year until April 7, 2021; then SOFR plus 30 bps, with floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 7
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| Agent: | BMO Capital Markets Corp.
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| Cusip: | 06367W7E7
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