Bank of Montreal completes C$350 million public offering

Torys acted as counsel to the underwriting syndicate with a team that included Kevin Morris, Jim Hong and Blair Keefe (corporate) and John Unger (tax).

On January 16, 2007, the Bank of Montreal completed a public offering of Non-Cumulative Perpetual Class B Preferred Shares Series 13, with an issue price of C$25 per share for proceeds of C$350 million. The holders of the shares will be entitled to receive quarterly non-cumulative preferential cash dividends on the 25th of February, May, August and November annually, or at a quarterly rate equal to C$0.28125 per share. If declared, the first dividends will be payable on May 25, 2007 at C$0.39452 per share. The offering was underwritten by a syndicate that included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., Laurentian Bank Securities Inc. and Trilon Securities Corporation.