By Wendy Van Sickle
Columbus, Ohio, July 31 – Bank of Montreal priced $21 million of redeemable step-up coupon notes due July 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 1% initially, stepping up to 1.25% on July 30, 2023 and to 1.5% on July 30, 2024. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly date after one year.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
|
| Issue: | Redeemable step-up coupon notes
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| Amount: | $21 million
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| Maturity: | July 30, 2025
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| Coupon: | 1% initially, stepping up to 1.25% on July 30, 2023 and to 1.5% on July 30, 2024; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
|
| Call option: | At par on any quarterly date after one year
|
| Pricing date: | July 28
|
| Settlement date: | July 30
|
| Agent: | BMO Capital Markets Corp.
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| Cusip: | 06367WX81
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