Bank of Montreal plans 16% reverse exchangeables on Freeport-McMoRan

By Susanna Moon

Chicago, Oct. 17 - Bank of Montreal plans to price 16% annualized reverse exchangeable notes due Jan. 31, 2012 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Freeport-McMoRan stock ever closes below the trigger price - 80% of the initial share price - and finishes below the initial share price, in which case the payout will be a number of shares of Freeport-McMoRan stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

The notes will price on Oct. 26 and settle on Oct. 31

The Cusip number is 06366QA98.

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