Summary
The Bank of New York Mellon Corporation (BK) filed an 8-K on January 19, 2017, to report the redemption of its £200,000,000 liquidation amount of Mellon Capital III's 6.369% Preferred Securities. This redemption is scheduled to occur on March 20, 2017, and will be handled by U.S. Bank National Association, acting as the Property Trustee for Mellon Capital III. Investors holding these preferred securities should note that the redemption price will be 100% of the liquidation amount per security, plus any accumulated and unpaid distributions. The filing indicates that a press release was issued on the same day to provide further details on this corporate action. This event suggests a move by BNY Mellon to manage its capital structure and potentially reduce its outstanding preferred stock obligations.
Key Highlights
- 1BK announced the redemption of £200,000,000 liquidation amount of Mellon Capital III's 6.369% Preferred Securities.
- 2The redemption date is set for March 20, 2017.
- 3U.S. Bank National Association is acting as the Property Trustee for Mellon Capital III in this redemption process.
- 4The redemption price includes 100% of the liquidation amount per security plus accumulated and unpaid distributions.
- 5A press release was issued on January 19, 2017, to communicate this information.
- 6This action indicates BNY Mellon's proactive management of its capital structure.