Bank of Montreal plans fixed-to-floating notes with 1.15% initial rate

By Angela McDaniels

Tacoma, Wash., March 14 - Bank of Montreal plans to price fixed-to-floating-rate notes due April 3, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1.15% for the first year. Beginning April 3, 2014, the interest rate will be Libor plus 35 basis points, subject to a minimum of zero and a maximum of 4.25% per year. Interest will be payable quarterly.

The payout at maturity will be par.

BMO Capital Markets Corp. is the agent.

The notes are expected to price in March and settle April 3.

The Cusip number is 06366RMN2.

© 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.