New Issue: BMO sells $1.86 million redeemable step-up notes with 2.25% start rate

By Susanna Moon

Chicago, Dec. 9 – Bank of Montreal priced $1.86 million of redeemable step-up coupon notes due Dec. 9, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.25% initially, stepping up to 2.75% on Dec. 9, 2018, to 3% on Dec. 9, 2020, to 4% on Dec. 9, 2022 and to 5% on Dec. 9, 2023. 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 June 9, 2017.

BMO Capital Markets Corp. is the underwriter.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$1,858,000
Maturity:	Dec. 9, 2024
Coupon:	2.25% initially, stepping up to 2.75% on Dec. 9, 2018, to 3% on Dec. 9, 2020, to 4% on Dec. 9, 2022 and to 5% on Dec. 9, 2023; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning June 9, 2017
Pricing date:	Dec. 2
Settlement date:	Dec. 9
Agent:	BMO Capital Markets Corp.
Fees:	1.009365%
Cusip:	06367TNU0

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