By William Gullotti
Buffalo, N.Y., Aug. 24 – Bank of Montreal priced $1.96 million of callable barrier notes with contingent coupons due Aug. 20, 2025 linked to the stock performance of Blackstone Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 11.35% per year if the stock’s closing level is at least 55% of its initial level on the relevant observation date.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called and the stock finishes at or above its 55% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares per note equal to $1,000 divided by the stock’s initial level or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
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| Underlying stock: | Blackstone Inc.
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| Amount: | $1,956,000
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| Maturity: | Aug. 20, 2025
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| Coupon: | 11.35% per year, payable quarterly if the stock’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above trigger level, par plus final coupon; otherwise, receive a number of shares per note equal to $1,000 divided by the stock’s initial level or, at the issuer’s option, the cash equivalent
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
|
| Initial level: | $97.47
|
| Coupon barrier level: | $53.61; 55% of initial level
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| Trigger level: | $53.61; 55% of initial level
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 18
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.75%
|
| Cusip: | 06369NLN9
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