Published on 6/29/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $655,000 13.25% reverse exchangeables linked to Hecla Mining
By Jennifer Chiou
New York, June 29 - Bank of Montreal priced $655,000 of 13.25% annualized reverse exchangeable notes due Sept. 30, 2011 linked to the common stock of Hecla Mining Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Hecla Mining stock closes below the trigger price - 70% 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 Mining 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.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Reverse exchangeable notes
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Underlying stock: | Hecla Mining Co. (Symbol: HL)
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Amount: | $655,000
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Maturity: | Sept. 30, 2011
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | If Hecla Mining stock closes below trigger price during life of notes and final share price is less than initial share price, a number of Hecla Mining shares equal to $1,000 divided by initial share price or equivalent amount in cash; otherwise, par
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Initial share price: | $7.25
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Trigger price: | $5.08, 70% of initial share price
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 06366QLC9
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