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Prospect News home > News index > List of issuers S > Headlines for SLM Corp. (Sallie Mae) > News item |
Bank of Montreal plans 9% six-month reverse exchangeables tied to SLM
By Susanna Moon
Chicago, March 14 - Bank of Montreal plans to price 9% annualized reverse exchangeable notes due Sept. 28, 2012 linked to SLM Corp. 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 SLM stock closes below the 80% trigger level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of SLM 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.
The notes will price on March 27 and settle on March 30.
The Cusip is 06366Q5R4.
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