By William Gullotti
Buffalo, N.Y., March 25 – Bank of Montreal priced $1.69 million of callable buffer notes with contingent coupons due March 24, 2025 linked to the stock performance of Zoom Video Communications, 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 18.15% if the stock closes at or above its coupon barrier, 60% 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 60% of its initial price, in which case investors will lose 1% for every 1% decline below 40%.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable buffer notes with contingent coupons
|
| Underlying stock: | Zoom Video Communications, Inc.
|
| Amount: | $1,689,000
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| Maturity: | March 24, 2025
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| Coupon: | 18.15%, payable quarterly if stock closes at or above its coupon barrier, 60% of its initial level, on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless stock finishes below 60% of its initial level, in which case investors will lose 1% for every 1% decline below 40%
|
| Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
|
| Initial level: | $116.87
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| Coupon barrier: | $70.12; 60% of initial level
|
| Pricing date: | March 21
|
| Settlement date: | March 24
|
| Underwriter: | BMO Capital Markets
|
| Fees: | 0.25%
|
| Cusip: | 06368GN60
|
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