/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 15, 2021 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today
announced a domestic public offering of $1.00 billion of subordinated notes
(Non-Viability Contingent Capital (NVCC)) (the "Notes") through its
Canadian Medium-Term Note Program. The net proceeds from this
offering will be used for general banking purposes.
The Notes bear interest at a fixed rate of 1.928 per cent per
annum (paid semi-annually) until July 22,
2026, and at the 3-month CDOR plus 0.59 per cent thereafter
(paid quarterly) until their maturity on July 22, 2031. The expected closing date is
July 22, 2021. BMO Capital Markets is
acting as lead agent on the issue.
The Bank may, at its option, with the prior approval of the
Office of the Superintendent of Financial Institutions Canada (the
"Superintendent"), redeem the Notes on or after July 22, 2026, at par, in whole at any time or in
part from time to time, on not less than 30 days' and not more than
60 days' notice to registered holders, at a redemption price that
is equal to par, together with accrued and unpaid interest to, but
excluding, the date fixed for redemption.
At any time on or after a Special Event Redemption Date prior to
July 22, 2026, the Bank may, at its
option, with the prior approval of the Superintendent, on giving
not more than 60 nor less than 30 days' notice to the registered
holders of the Notes, redeem all (but not less than all) of the
Notes at a redemption price that is equal to the greater of the
Canada Yield Price and par, together in either case with accrued
and unpaid interest to, but excluding, the date fixed for
redemption.
The Notes have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), and may not be offered, sold or delivered directly, or
indirectly, in the United States
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act. This press
release does not constitute an offer to sell or a solicitation to
buy securities in the United
States or in any other jurisdiction where such offer or
solicitation would be unlawful.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America.
With total assets of $950 billion as of April 30,
2021, and a team of diverse and highly engaged employees, BMO
provides a broad range of personal and commercial banking, wealth
management and investment banking products and services to more
than 12 million customers and conducts business through three
operating groups: Personal and Commercial Banking, BMO Wealth
Management and BMO Capital Markets.
SOURCE BMO Financial Group