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Bank of Montreal to price redeemable step-up coupon notes due 2025
By Angela McDaniels
Tacoma, Wash., Sept. 9 - Bank of Montreal plans to price redeemable step-up coupon notes due Sept. 26, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% in years one through four, 4% in years five through eight and 5.5% in years nine through 12. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be redeemable at par on any interest payment date.
BMO Capital Markets Corp. is the underwriter.
The notes will settle Sept. 26.
The Cusip number is 06366RRA5.
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