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BNY Announces Pricing of Public Offering of $1,250,000,000 of Depositary Shares Representing Interests in Preferred Stock

BNY
  • The Bank of New York Mellon Corporation priced a public offering of 1,250,000 depositary shares, each representing a 1/100th interest in Series O Noncumulative Perpetual Preferred Stock.
  • The offering price was set at $1,000 per depositary share, resulting in an aggregate public offering price of $1,250,000,000.
  • Each preferred share carries a liquidation preference of $100,000, equivalent to $1,000 per depositary share.
  • Dividends accrue at an annual rate of 7.125% from the issue date until December 20, 2031.
  • Starting December 20, 2031, dividends will reset to the five-year treasury rate plus 2.192% at each determination date.
  • Dividend payments are subject to declaration by BNY's board of directors & depend on the availability of legally available funds.
  • BNY retains the option to redeem the shares in whole or in part on December 20, 2031, or any subsequent dividend payment date at $100,000 per share plus declared but unpaid dividends.
  • Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and BNY Mellon Capital Markets, LLC served as joint book-running managers.
  • The offering is expected to close on October 28, 2026.
  • BNY intends to utilize the net proceeds from the sale for general corporate purposes.
  • BNY filed a shelf registration statement on October 18, 2024, with a preliminary prospectus supplement filed on October 19, 2026.
  • As of September 30, 2026, BNY oversaw $63.4 trillion in assets under custody &/or administration, along with $2.2 trillion in assets under management.