By William Gullotti
Buffalo, N.Y., Oct. 30 – Bank of Montreal priced $3 million of fixed- to floating-rate notes due Oct. 26, 2026 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 7% for the first year.
Starting Oct. 26, 2024, the rate will be SOFR plus 90 basis points, subject to a floor of 1%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Fixed- to floating-rate notes
|
| Amount: | $3 million
|
| Maturity: | Oct. 26, 2026
|
| Coupon: | 7% for first year; after that, SOFR plus 90 bps; floor of 1%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 26
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | None
|
| Cusip: | 06375MCR4
|
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