Bank of Montreal has announced:
its intention to redeem all of its 16,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 29 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 29”) for an aggregate total of $400 million on August 25, 2024. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 29 are redeemable at the Bank’s option on August 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 August 26, 2024, the first business day following the Redemption Date.
Separately from the payment of the redemption price, the final quarterly dividend of $0.2265 per share for the Preferred Shares Series 29 announced by the Bank on May 29, 2024 will be paid in the usual manner on August 26, 2024, to shareholders of record on July 30, 2024.
Notice will be delivered to holders of the Preferred Shares Series 29 in accordance with the terms thereof.
BMO.PR.T was issued as a FixedReset, 3.90%+224, NVCC-compliant issue that commenced trading 2014-6-6 after being announced 2019-05-28. BMO.PR.T reset at 3.624% effective August 25, 2019. I recommended against conversion and there was no conversion. The redemption was foreshadowed by the issuance of LRCNs. BMO.PR.T is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Monday, July 22nd, 2024 at 9:52 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.T To Be Redeemed
Bank of Montreal has announced:
BMO.PR.T was issued as a FixedReset, 3.90%+224, NVCC-compliant issue that commenced trading 2014-6-6 after being announced 2019-05-28. BMO.PR.T reset at 3.624% effective August 25, 2019. I recommended against conversion and there was no conversion. The redemption was foreshadowed by the issuance of LRCNs. BMO.PR.T is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Monday, July 22nd, 2024 at 9:52 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.