New Issue: Bank of Montreal prices $7,000 13% reverse exchangeables linked to Delta

By Susanna Moon

Chicago, June 17 - Bank of Montreal priced $7,000 of 13% annualized reverse exchangeable notes due Sept. 20, 2011 linked to Delta, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Delta 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 Delta 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:	Delta, Inc. (Symbol: DAL)
Amount:	$7,000
Maturity:	Sept. 20, 2011
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par unless Delta stock ever closes below trigger price and finishes at less than initial share price, in which case 107.1811 Delta shares
Initial share price:	$9.33
Trigger price:	$7.46, 80% of initial level
Pricing date:	June 15
Settlement date:	June 20
Agent:	BMO Capital Markets Corp.
Fees:	1.75%
Cusip:	06366QMP9

© 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.