By William Gullotti
Buffalo, N.Y., Oct. 20 – Bank of Montreal priced $1.72 million of 11% autocallable reverse exchangeable notes due Sept. 22, 2025 linked to the common stock of Tenet Healthcare Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus the fixed coupon if the stock closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final interest payment unless the stock finishes below the trigger price, 50% of the initial share price, in which case investors will lose 1% for every 1% that the final share price is below the initial share price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stock: | Tenet Healthcare Corp.
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| Amount: | $2,373,000
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| Maturity: | Sept. 22, 2025
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| Coupon: | 11% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above trigger value, par plus final fixed coupon; otherwise, full exposure to decline from initial share price
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| Call: | Automatically at par plus the fixed coupon if the stock closes at or above its initial share price on any quarterly observation date after six months
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| Initial share price: | $59.04
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| Trigger value: | $29.52; 50% of initial share price
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.5%
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| Cusip: | 06374V3Z7
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