Bank of Montreal has announced:
its intention to redeem all of its 20,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 27 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 27”) for an aggregate total of $500 million on May 25, 2024. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 27 are redeemable at the Bank’s option on May 25, 2024 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on May 27, 2024, the first business day following the Redemption Date.
Separately from the payment of the redemption price, the final quarterly dividend of $0.24075 per share for the Preferred Shares Series 27 announced by the Bank on February 27, 2024 will be paid in the usual manner on May 27, 2024, to shareholders of record on April 29, 2024.
Notice will be delivered to holders of the Preferred Shares Series 27 in accordance with the terms thereof.
BMO.PR.S was issued as a FixedReset, 4.00%+233, NVCC-compliant issue that commenced trading 2014-4-23 after being announced 2014-4-14. The issue reset at 3.852% effective 2019-5-25. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedReset-Discount Sub-Index.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Tuesday, April 23rd, 2024 at 11:06 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BMO.PR.S To Be Redeemed
Bank of Montreal has announced:
BMO.PR.S was issued as a FixedReset, 4.00%+233, NVCC-compliant issue that commenced trading 2014-4-23 after being announced 2014-4-14. The issue reset at 3.852% effective 2019-5-25. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedReset-Discount Sub-Index.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Tuesday, April 23rd, 2024 at 11:06 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.