By Wendy Van Sickle
Columbus, Ohio, June 29 – Bank of Montreal priced $3.29 million of 12.5% autocallable reverse convertible notes due Sept. 29, 2021 linked to the common stock of American International Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish 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.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable reverse convertible notes
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| Underlying stock: | American International Group, Inc.
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| Amount: | $3.29 million
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| Maturity: | Sept. 29, 2021
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| Coupon: | 12.5% payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger price, in which case a number of shares equal to $1,000 divided by the initial share price or cash value
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| Call: | At par if shares close at or above initial share price on any monthly trigger observation date after six months
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| Initial level: | $30.30
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| Trigger price: | $18.18; 60% of initial share price
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| Pricing date: | June 24
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| Settlement date: | June 29
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| Agent: | BMO Capital Markets
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| Fees: | 2.25%
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| Cusip: | 06367WT86
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