The Bank of New York Mellon Corporation announced the pricing of an underwritten public offering of 500,000 depositary shares, representing interests in its Series J Noncumulative Perpetual Preferred Stock. The aggregate public offering price for these shares is $500,000,000.
Each depositary share represents a 1/100th interest in a share of Series J preferred stock, with a liquidation preference of $100,000 per share, equivalent to $1,000 per depositary share. Dividends will accrue at an annual rate of 6.300% from the original issue date until March 20, 2030, after which they will float based on the five-year treasury rate plus 2.297%.
The offering is expected to close on March 10, 2025, with BNY Mellon intending to use the net proceeds for general corporate purposes. This capital raise strengthens the company's financial position and provides flexibility for strategic initiatives, while also introducing new dividend obligations.
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