Corporate ActionJul 23, 2026, 04:47 PM
Bank of New York Mellon Offers 500,000 Series N Preferred Depositary Shares
AI Summary
The Bank of New York Mellon Corporation announced the public offering of 500,000 depositary shares, each representing a 1/100th interest in its newly issued Series N Noncumulative Perpetual Preferred Stock. An underwriting agreement was executed with several major financial institutions for this offering. The issuance of the Series N Preferred Stock includes certain restrictions on the company's ability to declare or pay dividends on, or purchase, common stock if dividends on the preferred stock are not paid.
Key Highlights
- Bank of New York Mellon offered 500,000 depositary shares.
- Each depositary share represents a 1/100th interest in Series N Preferred Stock.
- Series N Preferred Stock has a liquidation preference of $100,000 per share.
- Underwriting agreement signed with Goldman Sachs, J.P. Morgan, Morgan Stanley, RBC, UBS, and BNY Mellon Capital Markets.
- Restrictions apply to common stock dividends/purchases if Series N Preferred dividends are not paid.
- Certificate of Designations for Series N Preferred Stock filed on July 22, 2026.
Price Impact
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