By William Gullotti
Buffalo, N.Y., April 24 – Bank of Montreal priced $1.9 million of autocallable barrier notes with a contingent coupon due May 15, 2025 linked to the common stock of Devon Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 11.5% per year if the stock closes at or above its coupon barrier level, 75% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any monthly observation date starting after six months.
If the notes are not called and the stock finishes at or above its 75% trigger price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares per note equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
|
Issue: | Autocallable barrier notes with contingent coupon
|
Underlying stock: | Devon Energy Corp.
|
Amount: | $1,903,000
|
Maturity: | May 15, 2025
|
Coupon: | 11.5% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
Price: | Par
|
Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors will receive a number of shares per note equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash equivalent
|
Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date starting after six months
|
Initial price: | $54.51
|
Coupon barrier: | $40.88; 75% of initial price
|
Trigger price: | $40.88; 75% of initial price
|
Pricing date: | April 10
|
Settlement date: | April 15
|
Agent: | BMO Capital Markets Corp.
|
Fees: | 2.15%
|
Cusip: | 06369NTS0
|
|
© 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.