By Cristal Cody
Tupelo, Miss., July 20 – Bank of Montreal announced on Monday that it sold C$150 million of non-cumulative perpetual class B preferred shares (Baa2/BBB-/DBRS: Pfd-2) with a 5% annual dividend.
The bank sold the series 35 shares at C$25 each.
BMO Capital Markets Corp. was the bookrunner.
The deal includes a C$50 million greenshoe.
Bank of Montreal may redeem the preferred shares on or after Aug. 25, 2020.
Proceeds from the deal will be used for general corporate purposes.
Bank of Montreal is a financial services company based in Toronto and Montreal.
| Issuer: | Bank of Montreal
|
| Amount: | C$150 million
|
| Greenshoe: | C$50 million
|
| Maturity: | Perpetual
|
| Securities: | Series 35 non-cumulative perpetual class B preferred shares
|
| Bookrunner: | BMO Capital Markets Corp.
|
| Dividend: | 5%
|
| Price: | C$25 per share
|
| Yield: | 5%
|
| Call feature: | On or after Aug. 25, 2020
|
| Pricing date: | July 20
|
| Settlement date: | July 29
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB-
|
| DBRS: Pfd-2
|
| Distribution: | Canada
|
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