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Bank of Montreal plans 25.5% reverse exchangeables linked to Hecla
By Susanna Moon
Chicago, Jan. 5 - Bank of Montreal plans to price 25.5% annualized reverse exchangeable notes due April 29, 2011 based on the performance of Hecla Mining Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Hecla stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Hecla stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
The notes (Cusip 06366QBT3) are expected to price on Jan. 26 and settle on Jan. 31.
BMO Capital Markets Corp. is the agent.
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