Bank of Montreal completes $150M preferred share sale

On July 29, 2015, Bank of Montreal completed its domestic public offering of Non-Cumulative Perpetual Class B Preferred Shares, Series 35 (Non-Viability Contingent Capital (NVCC)) (Preferred Shares Series 35). The offering was underwritten on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets, and including RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., HSBC Securities (Canada) Inc., Raymond James Ltd., Brookfield Financial Corp., Industrial Alliance Securities Inc. and Manulife Securities Incorporated. Bank of Montreal issued 6 million Preferred Shares Series 35 at a price of $25 per share to raise gross proceeds of $150 million.

Bank of Montreal was advised internally by David Simpson, Jonathan Naimark and Jennifer McGoey and assisted by Rick Fullerton and Arlene Mack (corporate) and Amanda Heale (tax) of Osler, Hoskin & Harcourt LLP.

The underwriters were advised by Andrew Parker, Matthew Appleby and Omar Soliman (business law), together with Barry Ryan, as well as Gabrielle Richards (tax) of McCarthy Tétrault LLP.