BMO.PR.Z Redeemed

Bank of Montreal announced (on October 15):

its intention to redeem all of its 6,000,000 outstanding Non-Cumulative Perpetual Class B Preferred Shares, Series 35 (Non-Viability Contingent Capital) (the “Preferred Shares Series 35”) for an aggregate total of $156 million on November 25, 2020. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The Preferred Shares Series 35 are redeemable at the Bank’s option on or after August 25, 2020 and prior to August 25, 2021, at a redemption price of $26.00 per share. Payment of the redemption price will be made by the Bank on November 25, 2020.

Separately from the payment of the redemption price, the final quarterly dividend of $0.3125 per share for the Preferred Shares Series 35 announced by the Bank on August 25, 2020 will be paid in the usual manner on November 25, 2020, to shareholders of record on November 2, 2020.

Notice will be delivered to holders of the Preferred Shares Series 35 in accordance with the terms outlined in the Preferred Shares Series 35 prospectus supplement.

BMO.PR.Z is a Straight Perpetual, 5.00%, NVCC-compliant issue, that commenced trading 2015-7-29 after being announced 2015-7-20. It has been tracked by HIMIPref™ and was assigned to the PerpetualPremium sub-index.

Leave a Reply

You must be logged in to post a comment.