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Buy (3.26 out of 4)
44th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sunday, April 27, 8:49 AM
Slide #3. The Bank of New York Mellon Corporation — Preferred Stock Offering
| Company: |
The Bank of New York Mellon Corporation (NYSE:BK) |
| Date announced: |
3/7/2025 |
| Shares Offered: |
20,000,000 |
| Date of Pricing: |
3/7/2025 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, today announced that it priced an underwritten public offering of 20,000,000 depositary shares, each representing a 1/4,000th interest in a share of its Series K 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 ($500,000,000 aggregate public offering price). Dividends will accrue on the liquidation amount of $100,000 per share of the Series K preferred stock (equivalent to $25 per depositary share) at a rate per annum equal to 6.150% from the original issue date to, but excluding, March 20, 2030; and from, and including, March 20, 2030, at the "five-year treasury rate" (as defined in the preliminary prospectus supplement) as of the most recent reset dividend determination date plus 2.161%. Dividends will be paid only when, as and if declared by the board of directors of BNY (or a duly authorized committee of the board) and to the extent that BNY has legally available funds to pay dividends. On March 20, 2030, or any dividend payment date thereafter, the Series K preferred stock may be redeemed at BNY's option, in whole or in part, at a cash redemption price equal to $100,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to but excluding the redemption date. Morgan Stanley & Co. LLC, UBS Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering. The offering is expected to close on March 14, 2025. |
The Bank of New York Mellon Corporation is a global company. Co.'s businesses are divided into three business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management. Co. also includes Other segment, which includes the leasing portfolio, corporate treasury activities, including its securities portfolio, derivatives and other trading activities, corporate and bank-owned life insurance, renewable energy and other corporate investments. Preferreds: BK.PRE, BK.PRF, BK.PRC, BK.PRK
 Open the BK Page at Preferred Stock Channel »
| Name: |
Bank of New York Mellon Corp |
| Website: |
www.bnymellon.com |
| Sector: |
Banking & Savings |
| Number of ETFs Holding BK: |
278 (see which ones) |
| Total Market Value Held by ETFs: |
$9,274,862,852.2 |
| Total Market Capitalization: |
$55,680,000,000 |
| % of Market Cap. Held by ETFs: |
16.66% |
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