Bank of Montreal offers notes due 2025, 2028, one tranche floating

By Mary-Katherine Stinson

Lexington, Ky., Sept. 18 – Bank of Montreal is in the market with a three-tranche offering of dollar-denominated senior medium-term notes, series H, due 2025 and 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are bail-inable and subject to conversion in whole or in part into common shares of Bank of Montreal or any of its affiliates.

The floating-rate tranche of notes due 2025 will bear interest at SOFR plus a margin.

The 2025 fixed-rate notes are redeemable at any time with a make-whole premium.

The 2028 fixed-rate notes will feature a make-whole call until one month before maturity when they will transition to a par call.

Any changes in Canadian tax law will make each tranche of notes callable at par.

BMO Capital Markets Corp., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Societe Generale are the bookrunners.

Computershare Trust Co., NA will be the trustee.

The bank will be advised by Osler, Hoskin & Harcourt LLP in matters of Canadian law and Sullivan & Cromwell LLP in matters of New York law. Shearman & Sterling LLP will act as counsel to the underwriters.

Proceeds will be contributed to the general funds of Bank of Montreal and used for general corporate purposes.

The notes will not be listed.

The issuer is a Montreal-based bank.

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