By Wendy Van Sickle
Columbus, Ohio, Feb. 14 – Bank of Montreal priced $50 million of fixed-to-floating rate notes due Feb. 13, 2023 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 2.05% until Aug. 13, then at a rate equal to Libor plus 22 basis points, subject to a floor of zero.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Fixed-to-floating rate notes
|
| Underlying rate: | Libor
|
| Amount: | $50 million
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| Maturity: | Feb. 13, 2023
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| Coupon: | Payable quarterly at an annualized rate of 2.05% until Aug. 13, then equal to Libor plus 22 bps; floor of zero
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 13
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.15%
|
| Cusip: | 06367WWJ8
|
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