By Angela McDaniels
Tacoma, Wash., July 30 – Bank of Montreal priced $1 million of redeemable step-up coupon notes due July 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.5% in years one through five, 4% in years six through 10 and 5% in years 11 through 15. Interest is payable semiannually.
The payout at maturity will be par.
Beginning July 31, 2015, 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: | $1 million
|
| Maturity: | July 31, 2029
|
| Coupon: | 2.5% in years one through five, 4% in years six through 10 and 5% in years 11 through 15; payable semiannually
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from July 31, 2015 onward
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.5%
|
| Cusip: | 06366RVL6
|
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