Published on 12/2/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $500,000 18.24% reverse exchangeables tied to Whiting Petroleum
By Susanna Moon
Chicago, Dec. 2 - Bank of Montreal priced $500,000 of 18.24% annualized reverse exchangeable notes due March 5, 2012 linked to Whiting Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Whiting Petroleum stock closes below the trigger price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Whiting Petroleum shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Reverse exchangeable notes
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Underlying stock: | Whiting Petroleum Corp. (Symbol: WLL)
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Amount: | $500,000
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Maturity: | March 5, 2012
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Coupon: | 18.24%, payable monthly
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Price: | Par
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Payout at maturity: | If Whiting Petroleum stock ever closes below trigger price and finishes below initial share price, a number of Whiting Petroleum shares equal to $1,000 divided by initial share price or cash equivalent; otherwise, par
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Initial share price: | $46.14
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Trigger price: | $32.30, 70% of initial share price
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366QR33
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