By William Gullotti
Buffalo, N.Y., June 17 – Bank of Montreal priced $1.74 million of callable notes with contingent coupons due June 20, 2024 linked to the stock performance of Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15% if the stock closes at or above its trigger level, 54.5% of its initial level, on the related observation date.
The notes will be callable, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called and the stock finishes at or above trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable notes with contingent coupons
|
| Underlying stock: | Schlumberger NV
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| Amount: | $1,736,000
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| Maturity: | June 20, 2024
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| Coupon: | 15%, payable quarterly if stock closes at or above its trigger level, 54.5% of its initial level, on observation date
|
| Price: | Par
|
| Payout at maturity: | If the stock finishes at or above trigger level, par plus final coupon; otherwise, investors will receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent
|
| Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
|
| Initial level: | $43.22
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| Trigger level: | $23.55; 54.5% of initial level
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| Pricing date: | June 14
|
| Settlement date: | June 17
|
| Underwriter: | BMO Capital Markets
|
| Fees: | 1.75%
|
| Cusip: | 06369NCH2
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