Bank of Montreal to price redeemable step-up coupon notes due 2022

By Angela McDaniels

Tacoma, Wash., March 5 – Bank of Montreal plans to price redeemable step-up coupon notes due Sept. 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% per year from and including March 28, 2019 to but excluding Sept. 28, 2020, 3.1% per year from and including Sept. 28, 2020 to but excluding March 28, 2021, 3.2% per year from and including March 28, 2021 to but excluding Sept. 28, 2021, 3.3% per year from and including Sept. 28, 2021 to but excluding March 28, 2022 and 3.4% per year from and including March 28, 2022 to but excluding Sept. 28, 2022. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning Sept. 28, 2019, the notes will be redeemable at par on any interest payment date.

BMO Capital Markets Corp. is the agent.

The notes will price March 26.

The Cusip number is 06367WJC8.

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