TORONTO and MONTREAL, Dec. 16,
2022 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) (the "Bank")
today announced that it has completed its previously announced
issue and sale of common shares pursuant to a public offering and a
concurrent private placement to investors at a price of
C$118.60 per common share for gross
proceeds totaling approximately C$2.6
billion, consisting of approximately C$1.6 billion of gross proceeds from the public
offering and approximately C$1.0
billion of gross proceeds from the concurrent private
placement to investors, other than BNP Paribas S.A. ("BNPP"). The
syndicate of underwriters in the public offering elected to
exercise its over-allotment option in full, resulting in a total of
13,575,750 common shares being issued today pursuant to the public
offering. A total of 8,431,700 common shares were issued today
pursuant to the concurrent private placement to investors other
than BNPP. The private placement investors purchasing common shares
today were Caisse de dépôt et placement du Québec, OMERS, Alberta
Investment Management Corporation, Healthcare of Ontario Pension
Plan, Public Sector Pension Investment Board and Canada Pension
Plan Investment Board.
As previously disclosed by the Bank, closing of the private
placement to BNPP is conditional on the closing of the Bank's
previously announced acquisition of Bank of the West from BNPP,
will occur no later than concurrently with the closing of the Bank
of the West acquisition and is expected to result in additional
gross proceeds to the Bank of approximately C$750 million. When combined with the gross
proceeds of the public offering and concurrent private placement
this is expected to result in aggregate gross proceeds of
approximately C$3.35 billion and
net proceeds of approximately C$3.24
billion.
The common shares issued today are listed on the Toronto Stock
Exchange and the New York Stock Exchange.
The common shares were offered for sale in the public offering
in all of the provinces and territories of Canada by way of a Canadian prospectus
supplement to the Bank's Canadian short form base shelf prospectus
dated March 11, 2022. The common
shares were offered for sale in the public offering in the United States pursuant to the Bank's
registration statement (including a prospectus) filed with the U.S.
Securities and Exchange Commission (the "SEC") and a prospectus
supplement to such registration statement. Before investing,
prospective purchasers in Canada
should read the Canadian prospectus supplement, the Canadian short
form base shelf prospectus and the documents incorporated by
reference therein for the purposes of the public offering, and
prospective purchasers in the United
States should read the prospectus in the U.S. registration
statement, the U.S. prospectus supplement and the other documents
that the Bank has filed and will file with the SEC for more
complete information about the Bank and the public offering in
Canada and the United States.
Copies of the Canadian and U.S. prospectus supplements, the
Canadian short form base shelf prospectus, and the registration
statement on Form F-3, may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc.,
Brampton Distribution Centre C/O The Data Group of Companies, 9195
Torbram Road, Brampton, Ontario,
L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at
torbramwarehouse@datagroup.ca, and in the
United States by contacting BMO Capital Markets Corp., Attn:
Equity Syndicate Department, 151 W 42nd Street, 32nd Floor,
New York, NY 10036, or by
telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com.
Copies of the applicable offering documents can be obtained free of
charge under the Bank's profile on SEDAR at www.sedar.com and EDGAR
at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About BMO Financial
Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest bank, by
assets, in North America. With
total assets of C$1.14 trillion as of
October 31, 2022, and a team of
diverse and highly engaged employees, BMO provides a broad range of
personal and commercial banking, wealth management and investment
banking products and services to 12 million customers and conducts
business through three operating groups: Personal and Commercial
Banking, BMO Wealth Management and BMO Capital Markets.
Cautionary statement regarding
forward-looking information
Certain statements in this press release are forward-looking
statements. All such statements are made pursuant to the "safe
harbor" provisions of, and are intended to be forward-looking
statements under, the United States Private Securities Litigation
Reform Act of 1995 and any applicable Canadian securities
legislation. Forward-looking statements in this press release may
include, but are not limited to, statements with respect to the
closing of the private placement with BNPP. Forward looking
statements are typically identified by words such as "will",
"anticipated", "intend" and "scheduled" or negative or
grammatical variations thereof.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this
press release not to place undue reliance on our forward-looking
statements, as a number of factors – many of which are beyond our
control and the effects of which can be difficult to predict –
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including, but not limited to:
the possibility that the private placement with BNPP will not
close when expected, or at all, because the acquisition of Bank of
the West does not close when expected, or at all, because required
regulatory approvals and other conditions to closing are not
received or satisfied on a timely basis, or at all, and those other
factors discussed in the "Risks That May Affect Future Results"
section, and the sections related to credit and counterparty,
market, insurance, liquidity and funding, operational
non-financial, legal and regulatory, strategic, environmental and
social, and reputation risk, in the "Enterprise-Wide Risk
Management" section of BMO's 2022 Annual Report, all of which
outline certain key factors and risks that may affect our future
results and our ability to anticipate and effectively manage risks
arising from all of the foregoing factors. We caution that the
foregoing list is not exhaustive of all possible factors. Other
factors and risks could adversely affect our results. Investors and
others should carefully consider these factors and risks, as well
as other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements.
We do not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by us
or on our behalf, except as required by law.
View original
content:https://www.prnewswire.com/news-releases/bank-of-montreal-completes-offering-of-common-shares-including-full-exercise-of-over-allotment-option-on-public-offering-301705260.html
SOURCE BMO Financial Group