By Angela McDaniels
Tacoma, Wash., April 4 – Bank of Montreal priced $25 million of redeemable step-up coupon notes due April 5, 2046, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.2% in years one through five, 3.25% in years six through 10, 3.5% in years 11 through 15, 3.8% in years 16 through 20, 4.4% in years 21 through 25 and 5% in years 26 through 30. Interest is payable semiannually.
The payout at maturity will be par.
Beginning April 5, 2019, 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: | $25 million
|
| Maturity: | April 5, 2046
|
| Coupon: | 3.2% in years one through five, 3.25% in years six through 10, 3.5% in years 11 through 15, 3.8% in years 16 through 20, 4.4% in years 21 through 25 and 5% in years 26 through 30; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning April 5, 2019
|
| Pricing date: | March 31
|
| Settlement date: | April 5
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.55%
|
| Cusip: | 06367TCG3
|
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