Bank of Montreal to Redeem $1,250,000,000 3.32% Series I Medium-Term Notes First Tranche (Non-Viability Contingent Capital (NVCC))

Rhea-AI Summary

Bank of Montreal (TSX: BMO) has announced its intention to redeem all $1,250,000,000 in 3.32% Series I Medium-Term Notes First Tranche, set to mature on June 1, 2026. The redemption date is scheduled for June 1, 2021, and these notes will be redeemed at par, along with accrued interest. This action has received approval from the Office of the Superintendent of Financial Institutions. BMO reported total assets of $973 billion as of January 31, 2021, and continues to serve over 12 million customers in North America.

Positive

• Redemption of $1,250,000,000 Medium-Term Notes may strengthen the balance sheet.
• Received approval from regulatory authorities, indicating compliance and good standing.

Negative

• None.

TORONTO, April 20, 2021 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that it intends to redeem all of its $1,250,000,000 3.32% Series I Medium-Term Notes First Tranche (Non-Viability Contingent Capital) due June 1, 2026 (the "Notes"). The redemption will occur on June 1, 2021 (the "Redemption Date"). The Notes are redeemable at par together with accrued and unpaid interest to, but excluding, the Redemption Date. Interest on the Notes will cease to accrue from and after the Redemption Date.

The redemption has been approved by the Office of the Superintendent of Financial Institutions. Notice will be delivered to holders of the Notes in accordance with the terms outlined in the Notes prospectus.

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8^th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

Internet: www.bmo.com     Twitter: @BMOMedia

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SOURCE BMO Financial Group

FAQ

What is the total amount of Medium-Term Notes BMO plans to redeem?

BMO intends to redeem $1,250,000,000 in Medium-Term Notes.

When is the redemption date for BMO's Series I Medium-Term Notes?

The redemption date is set for June 1, 2021.

What interest rate is associated with BMO's Series I Medium-Term Notes?

The interest rate for these notes is 3.32%.

What regulatory approval has BMO received for the redemption?

The redemption has been approved by the Office of the Superintendent of Financial Institutions.

What will happen to interest accrual on the Notes after the redemption date?

Interest on the Notes will cease to accrue from and after the redemption date.