PrefBlog

Bank of Montreal has announced:

its intention to redeem all of its 24,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 38 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 38”) for an aggregate total of $600 million on February 25, 2022. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The Preferred Shares Series 38 are redeemable at the Bank’s option on February 25, 2022 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.

Separately from the payment of the redemption price, the final quarterly dividend of $0.303125 per share for the Preferred Shares Series 38 announced by the Bank on December 3, 2021 will be paid in the usual manner on February 25, 2022, to shareholders of record on February 1, 2022.

Notice will be delivered to holders of the Preferred Shares Series 38 in accordance with the terms thereof.

BMO.PR.B is a FixedReset, 4.85%+406, NVCC-compliant issue that commenced trading 2016-10-21 after being announced 2016-10-14. It has been tracked by HIMIPref™ and assigned to the FixedResets (Premium) subindex.

Thanks to Assiudous Readers TMD and CanSiamCyp for bringing this to my attention!

This entry was posted on Thursday, January 20th, 2022 at 9:38 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.