New Issue: Bank of Montreal prices $114,000 redeemable step-up notes with 2.15% initial rate

By Jennifer Chiou

New York, June 26 - Bank of Montreal priced $114,000 of redeemable step-up coupon notes due June 27, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.15% until June 27, 2015, stepping up to 2.25% until June 27, 2017, to 2.85% until June 27, 2019, to 4% until June 27, 2021 and to 5% until maturity. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning on Dec. 27, 2013, the notes will be redeemable at par on any interest payment date.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$114,000
Maturity:	June 27, 2033
Coupon:	2.15% initially, stepping up 2.25% until June 27, 2017, to 2.85% until June 27, 2019, to 4% until June 27, 2021 and to 5% until maturity; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning on Dec. 27, 2013
Pricing date:	June 24
Settlement date:	June 27
Agent:	BMO Capital Markets Corp.
Fees:	1.2%
Cusip:	06366RPP4

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