The Bank of Montreal (BMO) sold $450 million of Trust Capital Securities—Series E (BMO BOaTS) in an offering that closed on September 30, 2005. The proceeds of the offering will be used by BMO Capital Trust, a closed end unit trust, to acquire certain eligible assets, including but not limited to, residential mortgages, mortgage co-ownership interests and mortgage backed securities from BMO. The BMO BOaTS have no maturity date, but are redeemable at the option of BMO Capital Trust beginning December 31, 2010.
BMO and BMO Capital Trust were represented by Osler, Hoskin & Harcourt LLP with a team comprised of Mark DesLauriers, Rick Fullerton and Peter Simeon (corporate finance) and Lara Friedlander and Andy McGuffin (tax), together with Paul Noble, in-house counsel for BMO.
Heather Zordel and Eric So (corporate finance), Russel Kowalyk (financial services) and Brian Carr (tax) of Fraser Milner Casgrain LLP represented the underwriting syndicate, led by BMO Nesbitt Burns Inc.