The Bank of New York Mellon Corporation priced an underwritten public offering of 500,000 depositary shares, each representing a 1/100th interest in a share of its Series N Noncumulative Perpetual Preferred Stock, at $1,000 per depositary share for a total of $500 million. Dividends will accrue at 6.150% per annum until September 20, 2031, and thereafter at the five-year treasury rate plus 1.868%. The Series N preferred stock may be redeemed at BNY's option on or after September 20, 2031, at $100,000 per share, equivalent to $1,000 per depositary share. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, and BNY Mellon Capital Markets, LLC served as joint book-running managers. The offering is expected to close on July 23, 2026, with net proceeds intended for general corporate purposes.
The Bank of New York Mellon CorporationBNY is issuing $500M of preferred stock, diluting existing equity and increasing fixed obligations.