Correction: BMO to price fixed-to-SOFR floaters with 0.9% initial rate

A story in the June 25 edition of Prospect News included RBC Capital Markets, LLC as the underwriter. The correct underwriter is BMO Capital Markets Corp. A corrected version of the story follows:

Olympia, Wash., June 25 – Bank of Montreal plans to price fixed-to-SOFR floating notes due June 29, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 0.9% for the first six months. After that, the interest rate will be SOFR plus 60 basis points, subject to a coupon floor of zero and a cap of 2.5%. Interest is payable quarterly.

The payout at maturity will be par.

BMO Capital Markets Corp. is the underwriter.

The notes will price on June 25.

The Cusip number is 06367WT60.

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