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Bank of Montreal plans 12% reverse exchangeables linked to Delta
By Toni Weeks
San Diego, Nov. 1 - Bank of Montreal plans to price 12% annualized reverse exchangeable notes due Feb. 16, 2012 linked to Delta Air Lines, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Delta stock ever closes below the trigger price - 70% of the initial share price - and finishes below the initial share price, in which case the payout will be a number of shares of Delta stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
The notes will price on Nov. 11 and settle on Nov. 16.
The Cusip number is 06366QD87.
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