Bank of Montreal completes US$1.9bn public offering and concurrent private placement (Cornerstone Investors)

Our Montreal office represented the Cornerstone Investors (Caisse de dépôt et placement du Québec (CDPQ), OMERS, Healthcare of Ontario Pension Plan (HOOPP), Public Sector Pension Investment Board (PSPIB) and Canada Pension Plan Investment Board (CPPIB)) in connection with Bank of Montreal’s (BMO) issue and sale of common shares by way of private placement and concurrent public offering for gross proceeds totaling approximately US$1.9bn. The gross proceeds consist of approximately US$1.2bn from the public offering and approximately US$740m from the private placement to the several Cornerstone Investors.

The Bank intends to use the net proceeds from this offering to align BMO’s capital position with increased regulatory requirements and for general corporate purposes.