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Bank of Montreal plans 9% reverse exchangeables on Wynn Resorts
By Jennifer Chiou
New York, Feb. 1 - Bank of Montreal plans to price 9% annualized reverse exchangeable notes due M ay 15, 2012 linked to Wynn Resorts Ltd. 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 Wynn Resorts stock ever closes below the trigger price - 80% of the initial share price - and finishes below the initial share price, in which case the payout will be a number of shares of Wynn Resorts stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
The notes (Cusip: 06366Q2N6) are expected to price on Feb. 10 and settle on Feb. 15.
BMO Capital Markets Corp. is the agent.
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