By William Gullotti
Buffalo, N.Y., Aug. 9 – Bank of Montreal priced $1 million of fixed- to floating-rate notes due July 31, 2025 linked to the one-year U.S. Dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6% for the first six months.
Starting Jan. 31, 2024, the rate will be the one-year U.S. Dollar SOFR ICE swap rate plus 75 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
|
| Issue: | Fixed- to floating-rate notes
|
| Amount: | $1 million
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| Maturity: | July 31, 2025
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| Coupon: | 6% for first six months; after that, one-year U.S. Dollar SOFR ICE swap rate plus 75 bps with floor of 0%; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | July 27
|
| Settlement date: | July 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | None
|
| Cusip: | 06374VZ74
|
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