Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, May 20, 10:19 PM
This Slide: #565 of 581 |
Slide #565. BNY Mellon — Preferred Stock Offering
Company:
BNY Mellon (NYSE:BK)
Date announced:
9/12/2012
Underwriters:
BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan and BNY Mellon Capital Markets, LLC
Shares Offered:
22,000,000
Date of Pricing:
9/12/2012
Price Per Share:
$25
Preferred Stock Offering Details:
BNY Mellon today announced an underwritten public offering of depositary shares, each representing a 1/4,000th interest in a share of its Series C Noncumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share). BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan and BNY Mellon Capital Markets, LLC will serve as joint book-running managers for the offering. The Company expects to grant the underwriters a 30-day option to purchase additional depositary shares solely to cover over-allotments. - update 9/12/12 - BNY Mellon announced that it priced an underwritten public offering of 22,000,000 depositary shares ($550 million of aggregate public offering price), each representing a 1/4,000th interest in a share of its Series C Noncumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share), at a public offering price of $25 per depositary share. Dividends will accrue and be payable on the liquidation amount of $100,000 per share of the Series C preferred stock in arrears at 5.20% per annum only when, as and if declared by the board of directors of BNY Mellon (or a duly authorized committee of the board) and to the extent that BNY Mellon has legally available funds to pay dividends. BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering, and Barclays and Deutsche Bank Securities served as co-managers of the offering. The offering is expected to close on September 19, 2012.
Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment and Wealth Management. Co. also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including Co.'s securities portfolio), derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. Co.'s two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. Co. has four other U.S. bank and/or trust company subsidiaries focusing on trust products and services across the U.S.
Preferreds: BK.PRE, BK.PRF, BK.PRC

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