By William Gullotti
Buffalo, N.Y., Sept. 20 – Bank of Montreal priced $4.75 million of fixed- to floating-rate notes due Sept. 21, 2026 linked to the one-year U.S. Dollar SOFR ICE Swap Rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6.5% for the first six months.
Starting March 19, 2024, the rate will be the one-year U.S. Dollar SOFR ICE Swap Rate plus 100 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Fixed- to floating-rate notes
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| Amount: | $4.75 million
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| Maturity: | Sept. 21, 2026
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| Coupon: | 6.5% for first six months; after that, one-year U.S. Dollar SOFR ICE Swap Rate plus 100 bps; floor of 0%; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 19
|
| Agent: | BMO Capital Markets Corp.
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| Fees: | None
|
| Cusip: | 06375M3Z6
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