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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 1:55 PM

Slide #114. BNY Mellon Preferred Stock Offering

Company: BNY Mellon (NYSE:BK)
Date announced: 7/25/2016
Shares Offered: 1,000,000
Date of Pricing: 7/25/2016
Price Per Share: $100,000
Preferred Stock Offering Details: 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 F 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 F preferred stock at a rate per annum equal to (i) 4.625% from the original issue date of the Series F preferred stock to but excluding September 20, 2026; and (ii) a floating rate equal to three-month LIBOR plus 3.131% from and including September 20, 2026. Fixed rate dividends will be payable in arrears on March 20 and September 20 of each year, commencing on March 20, 2017, through and including September 20, 2026, and floating rate dividends will be payable in arrears on March 20, June 20, September 20 and December 20 of each year, commencing on December 20, 2026. 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. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering; Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC served as joint lead managers for the offering; and MFR Securities, Inc., Nomura Securities International, Inc. and Santander Investment Securities Inc. served as co-managers for the offering. The offering is expected to close on August 1, 2016.

Bank of New York Mellon is global investments company. Co. divides its businesses into two principal segments, Investment Management and Investment Services. Co. also has an Other segment which includes the leasing portfolio, corporate treasury activities, derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits. Co.'s two principal banking subsidiaries are: The Bank of New York Mellon, which houses Co.'s Investment Services businesses and BNY Mellon, National Association which houses Co.'s Wealth Management business. As of Dec 31 2016, Co. had total assets of $333.47 billion and deposits of $221.49 billion.

Preferreds: BK.PRE, BK.PRF, BK.PRC

Open the BK Page at Ru Back Packer »

Name: Bank of New York Mellon Corp
Sector: Banking & Savings
Number of ETFs Holding BK: 99 (see which ones)
Total Market Value Held by ETFs: $5,166,031,581.36
Total Market Capitalization: $59,158,000,000
% of Market Cap. Held by ETFs: 8.73%

Open the BK Page at Ru Back Packer (in a new window) »

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