By William Gullotti
Buffalo, N.Y., June 26 – Bank of Montreal priced $9 million of 13.1% autocallable barrier notes due July 22, 2024 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be called automatically at par if the stock closes at or above its initial price on any monthly valuation date after six months.
If the stock finishes at or above its 70% trigger price, the payout at maturity will be par.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash value of those shares.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes
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| Underlying stock: | Ford Motor Co.
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| Amount: | $8,995,000
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| Maturity: | July 22, 2024
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| Coupon: | 13.1% per year, payable monthly
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| Price: | Par
|
| Payout at maturity: | If stock finishes at or above trigger price, par; otherwise, receive a number of shares equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par if the stock closes at or above its initial price on any monthly valuation date after six months
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| Initial price: | $14.42
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| Trigger price: | $10.09; 70% of initial price
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| Pricing date: | June 16
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| Settlement date: | June 22
|
| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
|
| Cusip: | 06369NJH5
|
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