TORONTO, July 16, 2021 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) (the "Bank")
today announced its intention to redeem all of its 9,425,607
outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred
Shares, Series 25 ("Preferred Shares Series 25") for an aggregate
total of approximately $236 million
and all of its 2,174,393 outstanding Non-Cumulative Floating Rate
Class B Preferred Shares, Series 26 ("Preferred Shares Series 26")
for an aggregate total of approximately $54
million on August 25, 2021.
The redemption has been approved by the Office of the
Superintendent of Financial Institutions.
The Preferred Shares Series 25 and the Preferred Shares Series
26 are redeemable at the Bank's option on August 25, 2021, at a redemption price of
$25.00 per share. Payment of the
redemption price will be made by the Bank on August 25, 2021.
Separately from the payment of the redemption price, the final
quarterly dividend of $0.112813 per
share for the Preferred Shares Series 25 and $0.078704 per share for the Preferred Shares
Series 26 announced by the Bank on May 26,
2021 will be paid in the usual manner on August 25, 2021, to shareholders of record on
August 3, 2021.
Notice will be delivered to holders of the Preferred Shares
Series 25 and the Preferred Shares Series 26 in accordance with the
terms outlined in the Preferred Shares Series 25 and Preferred
Shares Series 26 prospectus supplement.
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.
Internet: www.bmo.com
Twitter: @BMOMedia
SOURCE BMO Financial Group