Bank of Montreal has announced (on 2025-7-8):
its intention to redeem all of its 8,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 33”) (TSX: BMO.PR.Y) for an aggregate total of $200 million on August 25, 2025. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 33 are redeemable at the Bank’s option on August 25, 2025 (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 $0.190875 per share for the Preferred Shares Series 33 announced by the Bank on May 28, 2025 will be paid in the usual manner on August 25, 2025, to shareholders of record on July 30, 2025.
Notice will be delivered to holders of the Preferred Shares Series 33 in accordance with the terms thereof.
BMO.PR.Y was issued as a FixedReset, 3.80%+271, that commenced trading 2015-6-5 after being announced 2015-5-27. Notice of extension was published 2020-6-29 and the issue reset to 3.054%. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader niagara for bringing this to my attention!