By Susanna Moon
Chicago, Sept. 23 - Bank of Montreal priced $1 million of 13.89% annualized reverse exchangeable notes due Dec. 27, 2011 linked to LyondellBasell Industries NV shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless LyondellBasell stock closes below the trigger price - 59.37% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of LyondellBasell shares 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.
| Issuer: | Bank of Montreal
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | LyondellBasell Industries NV (NYSE: LYB)
|
| Amount: | $1 million
|
| Maturity: | Dec. 27, 2011
|
| Coupon: | 13.89%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If LyondellBasell stock ever closes below trigger price and finishes at a loss, 33.3333 LyondellBasell shares; otherwise, par
|
| Initial share price: | $30.00
|
| Trigger price: | $17.81, or 59.37% of initial share price
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 26
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.25%
|
| Cusip: | 06366QXR3
|
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