BNY Mellon Announces Pricing of Public Offering of $550 Million of Depositary Shares Representing Interests in Preferred Stock

Loading...
Loading...
BNY Mellon
BK
today 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.
Posted In: NewsOfferings
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...