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Bank of Montreal plans redeemable step-up notes with 1.35% initial rate
By Susanna Moon
Chicago, Sept. 8 – Bank of Montreal plans to price redeemable step-up coupon notes due Sept. 30, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 1.35% initially, stepping up to 1.6% on Sept. 30, 2015, to 2% on Sept. 30, 2016, to 2.25% on Sept. 30, 2017 and to 3.25% on Sept. 30, 2018. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be redeemable at par on any interest payment date beginning Sept. 30, 2015.
BMO Capital Markets Corp. is the agent.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 06366RWS0.
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