UPDATE: Bank Of Montreal Launches $1.1 Billion 3-Year 2-Part Bond Sale -Source
April 26 2011 - 1:45PM
Dow Jones News
Bank of Montreal (BMO) came to market Tuesday with a $1.1
billion, three-year sale of senior unsecured notes, according to a
person familiar with the deal.
Proceeds of the sale, led by BMO Capital Markets, Barclays
Capital, Goldman Sachs and J.P. Morgan Chase, will be used for
general corporate purposes and to help fund the bank's proposed
$4.1 billion acquisition of Milwaukee-based regional bank Marshall
& Ilsley Corp. (MI), announced in December.
The notes are expected to be rated Aa2 by Moody's Investors
Service, A+ by Standard & Poor's and AA- by Fitch Ratings, and
the sale should close late Tuesday.
The deal is split between a $600 million fixed-rate piece
launched at 0.70 percentage points over Treasurys; and a $500
million floating-rate piece launched at 0.47 percentage points over
the three-month London interbank offered rate, or Libor.
That was inside price guidance of 0.70 to 0.72 percentage points
on the fixed piece, the person familiar said, and the Libor
equivalent on the floaters.
Bank of Montreal's most recent U.S. marketed high-grade bond was
last June for $1 billion, according to data provider Dealogic.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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