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BMO to sell five-year redeemable step-up notes with a 2% initial rate
By Devika Patel
Knoxville, Tenn., Dec. 12 – Bank of Montreal plans to price redeemable step-up coupon notes due Dec. 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% initially, stepping up to 3% on Dec. 30, 2018 and to 4% on Dec. 30, 2020. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Dec. 30, 2017, the notes will be redeemable in whole or in part on any interest payment date.
BMO Capital Markets Corp. is the agent.
The notes (Cusip: 06367TQA1) will price on Dec. 28 and settle on Dec. 30.
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