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Bank of Montreal plans 9% reverse exchangeables tied to Chicago Bridge
By Marisa Wong
Madison, Wis., Feb. 14 - Bank of Montreal plans to price 9% annualized reverse exchangeable notes due Aug. 31, 2012 linked to Chicago Bridge & Iron Co. NV shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Chicago Bridge & Iron stock ever closes below the trigger price - 80% of the initial share price - and finishes below the initial share price, in which case the payout will be a number of shares of Chicago Bridge & Iron stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
The notes (Cusip: 06366Q2Z9) are expected to price on Feb. 24 and settle on Feb. 29.
BMO Capital Markets Corp. is the agent.
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