BMO to price autocallable reverse convertible notes on Netflix

By Sarah Lizee

Olympia, Wash., May 4 – Bank of Montreal plans to price autocallable reverse convertible notes with contingent coupons due Aug. 13, 2021 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly at an annual rate of 9.05% if the stock closes at or above its 60% 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 quarterly trigger observation date after six months.

The payout at maturity will be par unless the shares close below their trigger level, 60% of their initial price, 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.

The notes will price on May 8.

The Cusip number is 06367WC84.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.