By Wendy Van Sickle
Columbus, Ohio, June 15 – Bank of Montreal priced $195,000 of autocallable reverse convertible notes with contingent coupons due Sept. 10, 2021 linked to the common stock of Sysco Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 13.2% if the stock closes at or above its 64.5% coupon barrier on a related observation date.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date beginning Dec. 7.
If the notes are not called, the payout at maturity will be par unless the shares close below their trigger level, 64.5% of their initial price, on any trading day during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable reverse convertible notes with contingent coupons
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| Underlying stock: | Sysco Corp.
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| Amount: | $195,000
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| Maturity: | Sept. 10, 2021
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| Coupon: | 13.2% payable monthly if the stock closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless stock closes below trigger price during life of the notes and finishes below initial level, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call: | At par if shares close at or above initial share price on any monthly trigger observation date beginning Dec. 7
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| Initial level: | $61.59
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| Coupon barrier: | $39.73, 64.5% of initial share price
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| Trigger price: | $39.73, 64.5% of initial share price
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| Pricing date: | June 18
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| Settlement date: | June 21
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| Agent: | BMO Capital Markets
|
| Fees: | 2.25%
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| Cusip: | 06367WH71
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