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Bank of Montreal plans 12.5% reverse exchangeables on Western Refining
By Toni Weeks
San Diego, March 1 - Bank of Montreal plans to price 12.5% annualized reverse exchangeable notes due June 18, 2012 linked to Western Refining, 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 Western Refining stock closes below the 80% trigger level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Western Refining 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 (Cusip: 06366Q4A2) will price on March 13 and settle on March 16.
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