By William Gullotti
Buffalo, N.Y., Feb. 15 – Bank of Montreal priced $50.03 million of fixed-to-floating rate notes due Feb. 14, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 5.5% for the first six months.
Starting Aug. 14, 2023, the rate will be the two-year U.S. Dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Fixed-to-floating rate notes
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Amount: | $50,025,000
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Maturity: | Feb. 14, 2025
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Coupon: | 5.5% for first six months; after that, two-year U.S. Dollar SOFR ICE swap rate plus 100 bps, subject to floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 10
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Settlement date: | Feb. 14
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06374VK39
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