Bank of Montreal plans 9% reverse exchangeables on Dow Chemical

By Marisa Wong

Madison, Wis., April 17 - Bank of Montreal plans to price 9% annualized reverse exchangeable notes due Oct. 30, 2012 linked to Dow Chemical Co. 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 Dow Chemical stock closes below the 80% trigger level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Dow Chemical shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

The notes (Cusip: 06366YAJ9) will price on April 25 and settle on April 30.

BMO Capital Markets Corp. is the agent.

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