Bank of Montreal Issue of Preferred Shares Series 36 (NVCC) (7147B)
09 October 2015 - 1:02AM
UK Regulatory
TIDM17RL
RNS Number : 7147B
Bank of Montreal
08 October 2015
News
FOR IMMEDIATE RELEASE
Bank of Montreal Announces $600 Million Preferred Shares Private
Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
TORONTO, October 8, 2015 - Bank of Montreal (TSX:BMO)(NYSE:BMO)
announced today that it has entered into an agreement to privately
place its Non-Cumulative 5-Year Rate Reset Class B Preferred Shares
Series 36 (Non-Viability Contingent Capital (NVCC)) (the "Preferred
Shares Series 36"). BMO Capital Markets is acting as the sole agent
on the transaction. Bank of Montreal will issue 600,000 Preferred
Shares Series 36 at a price of $1,000 per share to raise gross
proceeds of $600 million. The closing of the offering is scheduled
to occur on October 16, 2015, subject to the satisfaction of
certain closing conditions. The net proceeds will be used by the
Bank for general corporate purposes.
Holders will be entitled to receive non-cumulative preferential
fixed quarterly dividends as and when declared by the board of
directors of the Bank, payable in the amount of $14.625 per share,
to yield 5.85 per cent annually. Subject to regulatory approval, on
or after November 25, 2020, the Bank may redeem the Preferred
Shares in whole or in part for an amount equal to $1,000 per
Preferred Share Series 36 together with declared and unpaid
dividends to the date fixed for redemption.
The Preferred Shares Series 36 have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered, sold or delivered
directly, or indirectly, in the United States absent registration
or an applicable exemption from the registration requirements of
the U.S. Securities Act. This news release shall not constitute an
offer to sell or a solicitation of an offer to buy such securities
in the United States or in any other jurisdiction where such offer
is unlawful.
-- 30 --
For News Media Enquiries:
Ralph Marranca, Toronto, ralph.marranca@bmo.com (416)
867-3996
Ronald Monet, Montreal, ronald.monet@bmo.com (514) 877-1873
For Investor Relations Enquiries:
Lisa Hofstatter, Toronto, lisa.hofstatter@bmo.com (416)
867-7019
This information is provided by RNS
The company news service from the London Stock Exchange
END
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