Bank of Montreal (BMO) closed an SEC-registered offering of $1 billion of 6.875% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (LRCNs) due November 26, 2085.
Concurrently with the issuance of the LRCNs, BMO issued 1,000,000 Non-Cumulative 5-Year Fixed Rate Reset Class B Preferred Shares, Series 55 (Non-Viability Contingent Capital (NVCC)) to be held by Computershare Trust Company of Canada, as trustee for BMO LRCN Trust.
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally.
The S&C team that acted as U.S. counsel for BMO included Mario Schollmeyer, Bradford Olson, Daniel Fradin and Camille Blum. Eric Wang, Saul Brander and Ted Danielson advised on tax matters.