TORONTO, January 18, 2022 /CNW/ – Bank of Montreal (the “Bank”) (TSX: BMO) (NYSE: BMO) today announced that it intends to redeem all of its 24,000,000 Non-Dividend 5-Year Rate Reset Class B Preferred Shares. Cumulative, Series 38 (Non-Viability Contingency Capital (NVCC)) (the “Series 38 Preferred Shares”) for an aggregate total of $600 million to February 25, 2022. The buyout has been approved by the Office of the Superintendent of Financial Institutions.
The Series 38 Preferred Shares are redeemable at the Bank’s option on February 25, 2022 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the redemption date.
Independently of the payment of the redemption price, the balance of the quarterly dividend of $0.303125 per share for the Series 38 Preferred Shares announced by the Bank on December 3, 2021 will be paid in the usual manner on February 25, 2022, to shareholders of record on February 1st, 2022.
Notice will be given to holders of Series 38 Preferred Shares in accordance with the terms thereof.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8and largest bank, by assets, in North America. With total assets of $988 billion from October 31, 2021, and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and operates through through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
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For further information: For news media inquiries: Paul Gammal, Toronto, [email protected], (416) 867-3996; For investor relations inquiries: Bill Anderson, Toronto, [email protected], (416) 867-7834; Web: www.bmo.com, Twitter: @BMOMedia