DOTW – Canadian pension funds’ $1B investment in BMO

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By CPE Analytics

On December 16, 2022, Bank of Montreal (TSX/NYSE: BMO) raised $1 billion in a con-current private placement to its $1.26 billion public offering.

Bank of Montreal issued 8,431,700 common shares, to Caisse de dépôt et placement du Québec (CDPQ), OMERS, Alberta Investment Management Corporation (AIMCo), Healthcare of Ontario Pension Plan (HOOPP), Public Sector Pension Investment Board (PSP Investments), and Canada Pension Plan Investment Board (CPP Investments), at $118.60 per share, to raise gross proceeds of $1 billion.

AIMco invested $170 million, OMERS, HOOPP and CPP Investments invested $450 million combined, while CDPQ and PSP Investment together invested $380 million.

Bank of Montreal paid $5 million in fees to BMO Nesbitt Burns Inc.

The six pension funds received aggregate commitment fees in the amount of $35 million.

Osler, Hoskin & Harcourt LLP acted as legal counsel to BMO in connection with the private placement.

Deal Type: Public – Public Equity Offering

Information can only be found in Canadian Financings database and can not be found in any other databases, Canadian or foreign.

Deal of the Week (DOTW)

DOTW is a weekly feature of Private Capital Journal that showcases one particular financing (deal) from CPE Analytics’ Canadian Financings, Canada’s only comprehensive all financing database. (https://www.financings.ca/).

photo credit: CPE Analytics