By Susanna Moon
Chicago, June 10 - Bank of Montreal priced $2.3 million of 30% annualized reverse exchangeable notes due Sept. 13, 2011 linked to SINA Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless SINA shares close below the trigger price - 75% 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 SINA shares equal to $1,000 divided by the initial share 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: | Reverse exchangeable notes
|
| Underlying stock: | SINA Corp. (Symbol: SINA)
|
| Amount: | $2.3 million
|
| Maturity date: | Sept. 13, 2011
|
| Coupon: | 30%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless the stock falls below trigger level and finishes at less than initial price, in which case 10.3295 SINA shares
|
| Initial price: | $96.81
|
| Trigger price: | $72.61, 75% of initial price
|
| Pricing date: | June 8
|
| Settlement date: | June 13
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 06366QNT0
|
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