Bank of Montreal issues $1B medium-term notes (NYSE:BMO)

Bank of Montreal (NYSE:BMO) announced a domestic public offering of $1B of subordinated note through its Canadian medium-term note program.
The net proceeds from this offering will be added to the general funds of the Bank and will be utilized for general banking purposes.
The notes bear interest at a fixed rate of 4.976% per annum (paid semi-annually) until July 03, 2029, and at Daily Compounded CORRA plus 1.63% thereafter (paid quarterly) until their maturity on July 03, 2034.
The expected closing date is July 03, 2024.
BMO Capital Markets is acting as lead agent on the issue.