Summary
The Bank of New York Mellon Corporation (BK) announced on February 26, 2026, its intention to launch a proposed public offering of depositary shares. These shares represent an interest in a new series of perpetual preferred stock, designated as Series M. The proceeds from this offering are earmarked for general corporate purposes and may specifically be used to redeem all or a portion of its Series F Noncumulative Perpetual Preferred Stock in September 2026. Furthermore, BK indicated it may, though not obligated to, redeem some or all of its Series H Noncumulative Perpetual Preferred Stock in March 2026. Investors should note that both the successful pricing and closing of the offering, as well as the potential redemptions of Series F and Series H preferred stock, are contingent upon market conditions and other factors. The company has cautioned that there is no guarantee these events will occur or that the stated redemption amounts and timings will be finalized.
Key Highlights
- 1Announcement of a proposed public offering for Series M Noncumulative Perpetual Preferred Stock depositary shares.
- 2Potential use of offering proceeds for general corporate purposes, including redemption of Series F Preferred Stock.
- 3Potential redemption of Series H Noncumulative Perpetual Preferred Stock in March 2026.
- 4Redemption of Series F Preferred Stock is anticipated for September 2026, contingent on the offering's success.
- 5All redemptions and the offering itself are subject to market conditions and other considerations.
- 6The company has filed a preliminary prospectus supplement detailing the offering.
- 7Forward-looking statements are included, with a cautionary note regarding risks and uncertainties.