PreferredStockChannel

Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sun, December 5, 5:57 AM

Slide #60. BNY Mellon Preferred Stock Offering

Company: BNY Mellon (NYSE:BK)
Date announced: 10/26/2020
Shares Offered: 582,500
Date of Pricing: 10/26/2020
Price Per Share: $1,000.00
Preferred Stock Offering Details: BNY Mellon (NYSE: BK) today announced that it priced an underwritten public offering of 582,500 depositary shares, each representing a 1/100th interest in a share of its Series H Noncumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), at a public offering price of $1,000 per depositary share ($582.5 million aggregate public offering price). Dividends will accrue on the liquidation amount of $100,000 per share of the Series H preferred stock at a rate per annum equal to 3.700% from the original issue date to, but excluding, March 20, 2026 and from, and including, March 20, 2026, at the "five-year treasury rate" (as defined in the preliminary prospectus supplement) as of the most recent reset dividend determination date plus 3.352%. Dividends will be paid 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. On March 20, 2026, or any dividend payment date thereafter, the Series H preferred stock may be redeemed at BNY Mellon's option, in whole or in part, at a cash redemption price equal to $100,000 per share (equivalent to $1,000 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering; Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC served as joint lead managers for the offering. The offering is expected to close on November 3, 2020.

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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Name: 
Bank of New York Mellon Corp
Website: 
www.bnymellon.com
Sector: 
Banking & Savings
Number of ETFs Holding BK: 
105 (see which ones)
Total Market Value Held by ETFs: 
$5,714,884,259.32
Total Market Capitalization: 
$45,247,000,000
% of Market Cap. Held by ETFs: 
12.63%
 

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