Bank of Montreal plans 10% reverse exchangeables on Bank of America

By Marisa Wong

Madison, Wis., March 14 - Bank of Montreal plans to price 10% annualized reverse exchangeable notes due Sept. 28, 2012 linked to Bank of America 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 Bank of America stock closes below the 70% 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 Bank of America 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 (Cusip: 06366Q5B9) will price on March 27 and settle on March 30.

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