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Bank of Montreal plans 10.08%-13.08% reverse exchangeables on Oracle
By Jennifer Chiou
New York, May 31 - Bank of Montreal plans to price 10.08% to 13.08% annualized reverse exchangeable notes due Dec. 20, 2011 linked to the common stock of Oracle Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Oracle stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Oracle stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
The notes (Cusip: 06366QNL7) are expected to price on June 15 and settle on June 20.
BMO Capital Markets Corp. is the agent.
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