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BMO raising US$1.24B in debt offering

Bank of Montreal is offering US$1.25 billion of its 3.803% subordinated notes.

The notes, which mature Dec. 15, 2032, will pay interest semiannually, beginning June 15, 2018.

BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and UBS Securities LLC serve as the offering's joint book-running managers. HSBC Securities (USA) Inc., Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Desjardins Securities Inc. are co-managers.

BMO estimates net proceeds at US$1.24 billion.