New Issue: Bank of Montreal prices $650,000 20.69% reverse exchangeables tied to Silver Wheaton

By Susanna Moon

Chicago, June 14 - Bank of Montreal priced $650,000 of 20.69% annualized reverse exchangeable notes due Sept. 15, 2011 linked to Silver Wheaton 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 Silver Wheaton 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 Silver Wheaton stock 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
Issue:	Reverse exchangeable notes
Underlying stock:	Silver Wheaton Corp. (Symbol: SLW)
Amount:	$650,000
Maturity:	Sept. 15, 2011
Coupon:	20.69%, payable monthly
Price:	Par
Payout at maturity:	Par unless the stock closes below trigger and finishes below initial share price, in which case 31.1429 Silver Wheaton shares
Initial share price:	$32.11
Trigger price:	$24.08, or 75% of initial share price
Pricing date:	June 10
Settlement date:	June 15
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06366QPC5

© 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.