Bank of Montreal plans 12.25% reverse exchangeables on Office Depot

By Marisa Wong

Madison, Wis., Dec. 8 - Bank of Montreal plans to price 12.25% annualized reverse exchangeable notes due March 31, 2011 linked to the common stock of Office Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Office Depot stock closes below the trigger price - 75% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Office Depot stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

The notes (Cusip: 06366QBA4) are expected to price on Dec. 28 and settle on Dec. 31.

BMO Capital Markets Corp. is the agent.

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