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Bank of Montreal launches preferred shares offering

Bank of Montreal launched a domestic public offering of C$300 million of noncumulative five-year rate reset class B preferred shares series 44 at C$25 each.

Holders will be entitled to receive noncumulative preferential fixed quarterly dividends for the initial period to Nov. 25, 2023.

The bank may also redeem the preferred shares in whole or in part on Nov. 25, 2023, and on Nov. 25 of every fifth year thereafter, subject to regulatory approval. Holders may also choose to convert any or all of their preferred shares into an equal number of noncumulative floating rate class B preferred shares series 45.

The offering will be underwritten on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets. The underwriters may purchase up to an additional C$100 million of the preferred shares at any time up to 48 hours before closing. The offering is expected to close on Sept. 17.

Net proceeds will be used for general banking purposes.