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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thursday, March 28, 8:43 PM

Slide #378. BNY Mellon Preferred Stock Offering

Company: BNY Mellon (NYSE:BK)
Date announced: 4/23/2015
Shares Offered: 1,000,000
Date of Pricing: 4/23/2015
Price Per Share: $1,000
Preferred Stock Offering Details: BNY Mellon (NYSE: BK) today announced an underwritten public offering of depositary shares, each representing a 1/100th interest in a share of its Series E Noncumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share). Goldman, Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and BNY Mellon Capital Markets, LLC will serve as joint book-running managers for the offering. - updated 4/24 - BNY Mellon (NYSE: BK) today announced that it priced an underwritten public offering of 1,000,000 depositary shares, each representing a 1/100th interest in a share of its Series E 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 ($1 billion aggregate public offering price). Dividends will accrue on the liquidation amount of $100,000 per share of the Series E preferred stock at a rate per annum equal to (i) 4.950% from the original issue date of the Series E preferred stock to but excluding June 20, 2020 for each dividend period ending on or before June 20, 2020; and (ii) a floating rate equal to three-month LIBOR plus 3.42% from and including June 20, 2020 for each dividend period ending after June 20, 2020. Fixed rate dividends will be payable in arrears on June 20 and December 20 of each year, commencing on December 20, 2015, and floating rate dividends will be payable in arrears on March 20, June 20, September 20 and December 20 of each year, commencing on September 20, 2020. In each case, 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. Goldman, Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering; Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC served as joint lead managers for the offering; and CIBC World Markets Corp., Jefferies & Company, Inc. and The Williams Capital Group, L.P. served as co-managers for the offering. The offering is expected to close on April 28, 2015.

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, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy and other corporate investments and certain 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.'s two principal U.S. banking subsidiaries are: The Bank of New York Mellon and BNY Mellon, National Association.

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:  117 (see which ones)
Total Market Value Held by ETFs:  $5,943,705,457.62
Total Market Capitalization:  $42,709,000,000
% of Market Cap. Held by ETFs:  13.92%
 

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