Date Closed

July 17, 2024

Lead Office

Toronto

Value

750.00 Million USD

On July 17, 2024, Bank of Montreal (the “Bank”) closed its offering of USD $750 million aggregate principal amount of non-viability contingent capital Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 5, which will mature on November 26, 2034 (the “LRCNs”). Concurrently with the issuance of the LRCNs, the Bank issued NVCC Non-Cumulative 5-Year Fixed Rate Reset Class B Preferred Shares, Series 54 ("Preferred Shares Series 54") to be held by Computershare Trust Company of Canada, as trustee for BMO LRCN Trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Preferred Shares Series 54 except in limited circumstances.

BMO Capital Markets Corp., BofA Securities, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Truist Securities, Inc. and UBS Securities LLC were the joint book-running managers for the offering.

McCarthy Tétrault acted as Canadian counsel to the syndicate of agents for the offering, with a team led by Andrew Parker that included Jo-Anna Brimmer, Lama Kahiel (Business), Kabir Jamal and Stephanie Dewey (Tax).