New Issue: BMO prices $5.33 million 9.15% autocallable reverse convertibles on Amazon

By William Gullotti

Buffalo, N.Y., Jan. 4 – Bank of Montreal priced $5.33 million of 9.15% autocallable reverse convertible notes due Dec. 18, 2023 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

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 monthly 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, 55% of the initial share price, in which case investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable reverse convertible notes
Underlying stock:	Amazon.com, Inc.
Amount:	$5,332,000
Maturity:	Dec. 18, 2023
Coupon:	9.15% per year, payable monthly
Price:	Par
Payout at maturity:	If stock finishes at or above trigger value, par plus final fixed coupon; otherwise, receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
Call:	Automatically at par plus the fixed coupon if the stock closes at or above its initial share price on any monthly observation date after six months
Initial share price:	$98.49
Trigger value:	$54.17; 55% of initial share price
Pricing date:	Nov. 14
Settlement date:	Nov. 17
Agent:	BMO Capital Markets Corp.
Fees:	2.15%
Cusip:	06369NDW8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.