BNY Mellon launches public offering

BNY Mellon is undertaking an underwritten public offering of depositary shares, each representing a 1/100th interest in a share of its Series F Noncumulative Perpetual Preferred Stock, with a liquidation preference of US$100,000 per share (equivalent to $1,000 per depositary share).

It will use a portion of the net proceeds to repurchase up to $560 million of its common stock, and expects to use any remaining proceeds for general corporate purposes.