06:02 AM EDT, 07/10/2024 (MT Newswires) -- Bank of Montreal ( NRGD ) said Tuesday it priced $750 million of non-viability contingent capital additional tier 1 limited recourse capital notes, series 5.

The offering is expected to close on July 17. The notes will mature on Nov. 26, 2084.

The notes will bear an annual interest rate of 7.3%, payable quarterly for the initial period ending Nov. 26, 2034, after which the interest rate will reset every five years at the prevailing five-year US treasury rate plus 3.01%.

The company said that the net proceeds will be contributed to the general funds of the bank and will be utilized for general banking purposes.

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