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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Friday, February 2, 9:54 AM

Slide #398. 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 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


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Name: Bank of New York Mellon Corp
Website: bnymellon.com
Sector: Banking & Savings
Number of ETFs Holding BK: 99 (see which ones)
Total Market Value Held by ETFs: $5,199,798,292.36
Total Market Capitalization: $58,062,000,000
% of Market Cap. Held by ETFs: 8.96%

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

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