Date Closed

March 15, 2022

Lead Office

Toronto

Value

750.00 Million CAD

On March 15, 2022, Bank of Montreal closed on an offering of C$750 million of non-viability contingent capital ("NVCC") Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 2 (the "LRCNs"). The LRCNs will bear interest at a rate of 5.625 per cent annually, payable semi-annually, for the initial period ending May 26, 2027.  Concurrently with the issuance of the LRCNs, the Bank will issue NVCC Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 49 to be held by Computershare Trust Company of Canada as trustee for a newly formed trust.

McCarthy Tétrault assisted Bank of Montreal, as agent, with a team led by  Andrew Parker that included Jo-Anna Brimmer, Barry Ryan, Michael Shahinian and Daryna Kutsyna (Business), Gabrielle Richards and Kabir Jamal (Tax).