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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Fri., Apr. 24, 8:18 PM

Slide #3. BNY Mellon Secondary 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
Secondary 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 is a bank holding company. Through its subsidiaries, Co. provides financial products and services in domestic and international markets. Co.'s principal segments are: Investment Management, comprised of its affiliated investment management boutiques, wealth management business and global distribution companies; and Investment Services, which provides global custody and related services, broker-dealer services, global collateral services, corporate trust and depositary receipt and clearing services, as well as global payment/working capital solutions. As of Dec 31 2013, Co. had total assets of $374.31 billion and deposits of $261.13 billion.

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


Open the BK Page at The Online Investor »

Company Name:  Bank of New York Mellon Corp
Stock buyback:  BK buyback
Website:  www.bnymellon.com
Sector:  Banking & Savings
Number of ETFs Holding BK:  68
Total Market Value Held by ETFs:  $1.34B
Total Market Capitalization:  $47.26B
% of Market Cap. Held by ETFs:  2.83%
 

Open the BK Page at The Online Investor (in a new window) »

April 24, 2015    8:18 PM Eastern
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