Bank of Montreal to Redeem $1,000,000,000 3.34% Series H Medium-Term Notes Second Tranche (Non-Viability Contingent Capital (NVCC))

Bank of Montreal (TSX:BMO)(NYSE:BMO) announced its intention to redeem all of its $1,000,000,000 3.34% Series H Medium-Term Notes Second Tranche, due December 8, 2025.

Rhea-AI Summary

Bank of Montreal (TSX:BMO)(NYSE:BMO) announced its intention to redeem all of its $1,000,000,000 3.34% Series H Medium-Term Notes Second Tranche, due December 8, 2025. The redemption is set for December 8, 2020, at par value, plus any accrued interest. This action has received approval from the Office of the Superintendent of Financial Institutions, and holders of the Notes will be notified according to the prospectus terms. As of July 31, 2020, BMO's total assets stood at $974 billion, reinforcing its position as a major financial services provider in North America.

Positive

• Redemption of $1,000,000,000 Medium-Term Notes may enhance financial stability by reducing liabilities.
• Approval from regulatory authorities indicates compliance with financial regulations.

Negative

• None.

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TORONTO, Nov. 2, 2020 /PRNewswire/ - Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced that it intends to redeem all of its $1,000,000,000 3.34% Series H Medium-Term Notes Second Tranche (Non-Viability Contingent Capital) due December 8, 2025 (the "Notes"). The redemption will occur on December 8, 2020 (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 $974 billion as of July 31, 2020, 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.

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SOURCE BMO Financial Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Bank of Montreal's recent announcement regarding its Medium-Term Notes?

Bank of Montreal announced it will redeem $1,000,000,000 of its 3.34% Series H Medium-Term Notes on December 8, 2020.

When will Bank of Montreal redeem its Series H Medium-Term Notes?

The redemption will take place on December 8, 2020.

What was the approval related to Bank of Montreal's redemption of its notes?

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

How much is Bank of Montreal's total assets as of July 31, 2020?

As of July 31, 2020, Bank of Montreal reported total assets of $974 billion.