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Bank of Montreal plans 16.85% reverse exchangeables linked to DryShips
By Angela McDaniels
Tacoma, Wash., Jan. 5 - Bank of Montreal plans to price reverse exchangeable notes due July 29, 2011 linked to the common stock of DryShips Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 16.85%. Interest will be payable monthly.
The payout at maturity will be par unless DryShips 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 DryShips 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: 06366QCJ4) are expected to price Jan. 26 and settle Jan. 31.
BMO Capital Markets Corp. is the agent.
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