Published on 8/17/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $52,000 20.25% reverse exchangeables linked to Acme Packet
By Susanna Moon
Chicago, Aug. 17 - Bank of Montreal priced $52,000 of 20.25% annualized reverse exchangeable notes due Feb. 21, 2012 linked to Acme Packet 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 Acme Packet 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 Acme Packet 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
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Issue: | Reverse exchangeable notes
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Underlying stock: | Acme Packet Inc. (Symbol: APKT)
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Amount: | $52,000
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Maturity: | Feb. 21, 2012
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Coupon: | 20.25%, payable monthly
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Price: | Par
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Payout at maturity: | If Acme Packet stock closes below trigger during life of notes and finishes at less than initial share price, 18.0571 Acme Packet shares; otherwise, par
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Initial share price: | $55.38
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Trigger price: | $41.54, or 75% of initial share price
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Pricing date: | Aug. 15
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Settlement date: | Aug. 18
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 06366QSS7
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