New Issue: BMO sells $3.5 million redeemable step-up notes with a 2% initial rate

By Devika Patel

Knoxville, Tenn., March 23 – Bank of Montreal priced $3.5 million of redeemable step-up coupon notes due March 24, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% initially, stepping up to 2.25% on March 24, 2019, to 3% on March 24, 2020 and to 4% on Sept. 24, 2020.

The payout at maturity will be par.

Beginning March 24, 2017, the notes will be redeemable at par on any interest payment date.

BMO Capital Markets Corp. is the underwriter.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$3.5 million
Maturity:	March 24, 2021
Coupon:	2% initially, stepping up to 2.25% on March 24, 2019, to 3% on March 24, 2020 and to 4% on Sept. 24, 2020; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par beginning March 24, 2017
Pricing date:	March 21
Settlement date:	March 24
Agent:	BMO Capital Markets Corp.
Fees:	0.814%
Cusip:	06367TBY5

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