Bank of Montreal plans 9.5% reverse exchangeables linked to Alcoa

By Susanna Moon

Chicago, Jan. 18 - Bank of Montreal plans to price 9.5% annualized reverse exchangeable notes due April 30, 2012 linked to Alcoa Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Alcoa stock closes below the trigger price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Alcoa shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

The notes will price on Jan. 26 and settle on Jan. 31.

The Cusip number is 06366QX51.

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