Chicago, Dec. 6 – Bank of Montreal priced $920,000 of callable notes with contingent coupons due April 4, 2024 linked to the stock performance of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.9% if the stock closes at or above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be callable, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below 55% of its initial price, in which case investors will receive a number of shares equal to $1,000 divided by the stock’s initial level or, at the issuer’s option, the cash equivalent.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable notes with contingent coupons
|
| Underlying stock: | Freeport-McMoRan Inc.
|
| Amount: | $920,000
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| Maturity: | April 4, 2024
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| Coupon: | 14.9% annual rate, payable quarterly if stock closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless stock finishes below trigger level, in which case receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent
|
| Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
|
| Initial level: | $50.78
|
| Coupon barrier: | $27.93; 55% of initial level
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| Trigger level: | $27.93; 55% of initial level
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| Pricing date: | March 30
|
| Settlement date: | April 4
|
| Agent: | BMO Capital Markets
|
| Fees: | 1.75%
|
| Cusip: | 06369NBL4
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