By James McCandless
San Antonio, April 8 – Bank of Montreal priced a C$250 million offering of C$25-par series 46 non-cumulative five-year rate reset class B preferred shares with an initial dividend of 5.1%, according to a press release.
There is a C$50 million greenshoe.
BMO Capital Markets is the lead bookrunner.
The preferreds are redeemable on or after May 25, 2024 at par
The dividend is fixed until May 25, 2024, then converts to 351 basis points over the then five-year government of Canada bond yield.
Bank of Montreal plans to use the proceeds for general banking purposes.
The company plans to offer the preferreds in Canada.
Bank of Montreal is a Montreal-based diversified financial services company.
| Issuer: | Bank of Montreal
|
| Description: | Series 46 non-cumulative five-year rate reset class B preferred shares
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| Amount: | C$250 million
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| Greenshoe: | C$50 million
|
| Maturity: | Perpetual
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| Bookrunner: | BMO Capital Markets
|
| Dividend: | 5.1% until May 25, 2024, then converts to 351 bps over the then five-year government of Canada bond yield
|
| Price: | Par of C$25.00
|
| Call: | May 25, 2024 at par
|
| Pricing date: | April 8
|
| Settlement date: | April 17
|
| Distribution: | Canada
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