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BMO plans five-year redeemable step-up notes with 2% initial rate
By Marisa Wong
Morgantown, W.Va., Feb. 22 – Bank of Montreal plans to price redeemable step-up coupon notes due Feb. 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% initially, stepping up to 4% on Feb. 28, 2020 and to 5.25% on Feb. 28, 2021. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Feb. 28, 2018, the notes will be redeemable in whole or in part on any interest payment date.
BMO Capital Markets Corp. is the agent.
The notes will price on Feb. 23.
The Cusip number is 06367TSV3.
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