Bank of Montreal to redeem series 27, series 46 class B preferreds

By Wendy Van Sickle

Columbus, Ohio, April 23 – Bank of Montreal announced that it intends to redeem its series 27 and series 46 non-cumulative five-year rate reset class B preferred shares, according to two press releases on Tuesday.

The bank will redeem its 20 million outstanding series 27 preferred shares and its 14 million outstanding series 46 preferred shares at C$25 per share on May 25, with payment to be made on May 27, the first business day following the redemption date.

The total redemption price for the series 27 preferred shares is C$500 million and the total price for the series 46 preferreds is C$350 million.

The final quarterly dividend of C$0.24075 and C$0.31875 per series 27 and series 46 preferred share, respectively, will be paid in the usual manner on May 27 to shareholders of record on April 29.

The issuer is a Montreal-based bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.