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Bank of Montreal to price 11% reverse exchangeables linked to Deere
By Marisa Wong
Madison, Wis., Dec. 1 - Bank of Montreal plans to price reverse exchangeable notes due March 30, 2012 linked to the common stock of Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes are expected to carry a coupon of 11% per year. Interest will be payable monthly.
The payout at maturity will be par unless Deere stock closes below the trigger price - 80% 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 Deere 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: 06366QN86) are expected to price Dec. 22 and settle Dec. 30.
BMO Capital Markets Corp. is the agent.
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