Chicago, Jan. 23 – Bank of Montreal priced $58 million of fixed- to SOFR floating-rate notes due Jan. 9, 2026 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 5.5% for the first six months.
Starting July 9, 2024, the rate will be SOFR plus 95 basis points, subject to a floor of 0.75%. 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: | $58 million
|
| Maturity: | Jan. 9, 2026
|
| Coupon: | 5.5% for first six months; after that, SOFR plus 95 bps; floor of 0.75%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Jan. 5
|
| Settlement date: | Jan. 9
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.0528%
|
| Cusip: | 06375MGN9
|
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