Bank of NewYork Mellon Corp. announced an underwritten public offering ofdepositary shares, each representing a 0.01 interest in a share of its series Fnoncumulative perpetual preferred stock.
The preferred stock has a liquidation preference of $100,000per share, which is equivalent to $1,000 per depositary share, according to anews release.
BNY Mellon plans to use a portion of the net proceeds fromthe sale of the depositary shares to buy back up to $560 million of its commonstock, with a proportionate reduction in common stock repurchases if less than$750 million of depositary shares is issued. The company expects to useremaining net proceeds for general corporate purposes.
Citigroup Global Markets Inc., Merrill Lynch Pierce Fenner& Smith Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BNYMellon Capital Markets LLC will serve as joint book-running managers for theoffering.