By Wendy Van Sickle
Columbus, Ohio, March 8 – Bank of Montreal priced C$750 million of 5.625% 60-year non-viability contingent capital additional tier 1 limited recourse capital notes, series 1, on Tuesday, according to a news release.
Interest will be 5.625% for the first five years, then will convert to the five-year Government of Canada Yield plus 403 basis points.
The notes will be callable at par after five years.
The Montreal-based bank plans to use the proceeds for general banking purposes.
| Issuer: | Bank of Montreal
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| Amount: | C$750 million
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| Issue: | Limited recourse capital notes
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| Maturity: | May 26, 2082
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| Coupon: | 5.625% for first five years, then Government of Canada Yield plus 403 bps
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| Call feature: | At par after five years
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| Trade date: | March 8
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| Settlement date: | March 15
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| Distribution: | Canada
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