/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 26,
2025 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today
announced a domestic public offering of $1.25 billion of subordinated notes
(Non-Viability Contingent Capital (NVCC)) (the "Notes") through its
Canadian Medium-Term Note Program. The net proceeds from this
offering will be added to the general funds of the Bank and will be
utilized for general banking purposes, which may include the
redemption of outstanding capital securities of the Bank, and/or
the repayment of other outstanding liabilities of the Bank.
The Notes bear interest at a fixed rate of 4.077 per cent per
annum (paid semi-annually) until March 05,
2030, and at Daily Compounded CORRA plus 1.54 per cent
thereafter (paid quarterly) until their maturity on March 05, 2035. The expected closing date is
March 05, 2025. BMO Capital Markets
is acting as lead agent on the issue.
The Bank may, at its option, with the prior approval of the
Office of the Superintendent of Financial Institutions Canada (the
"Superintendent"), redeem the Notes on or after March 05, 2030, at par, in whole at any time or
in part from time to time, on not less than 10 days' and not more
than 60 days' notice to registered holders, at a redemption price
that is equal to par, together with accrued and unpaid interest to,
but excluding, the date fixed for redemption.
At any time on or after a regulatory event date or the date of
the occurrence of a tax event prior to March
05, 2030, the Bank may, at its option, with the prior
approval of the Superintendent, on giving not more than 60 nor less
than 10 days' notice to the registered holders of the Notes, redeem
all (but not less than all) of the Notes at a redemption price that
is equal to the greater of the Canada yield price and par, together in either
case with accrued and unpaid interest to, but excluding, the date
fixed for redemption.
The Notes 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 press
release does not constitute an offer to sell or a solicitation to
buy securities in the United
States or in any other jurisdiction where such offer or
solicitation would be unlawful.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by
assets, with total assets of $1.5 trillion as of January 31, 2025.
Serving customers for 200 years and counting, BMO is a diverse team
of highly engaged employees providing a broad range of personal and
commercial banking, wealth management, global markets and
investment banking products and services to 13 million customers
across Canada, the United States,
and in select markets globally. Driven by a single purpose, to
Boldly Grow the Good in business and life, BMO is committed
to driving positive change in the world, and making progress for a
thriving economy, sustainable future, and inclusive society.
Internet: www.bmo.com
X: @BMOMedia
SOURCE BMO Financial Group - Communications
