BNY Mellon Finalizes $500M Series N Preferred Offering with Charter Amendment and Deposit Agreement

summarizeSummary

BNY Mellon completed its $500 million offering of Series N noncumulative perpetual preferred stock, filing the charter amendment and deposit agreement to finalize the terms. The capital raise is non-dilutive to common shareholders and follows strong Q2 results.

check_boxKey Events · Financing and Capital Events · BNY

• Series N Preferred Stock Issued

  Raising $500 million, BNY Mellon issued 5,000 shares of Series N Noncumulative Perpetual Preferred Stock with a $100,000 liquidation preference per share, represented by 500,000 depositary shares.

• Dividend Terms Set

  The Series N pays non-cumulative dividends at 6.15% annually until September 2031, then resets to the five-year Treasury rate plus 1.868%.

• Charter Amendment Filed

  A Certificate of Designations was filed with Delaware on July 22, 2026, formally establishing the rights and preferences of the Series N, including restrictions on common dividends and buybacks if Series N dividends are unpaid.

• Underwriting Agreement Executed

  The underwriting agreement dated July 16, 2026, set a purchase price of $990 per depositary share (1% discount to liquidation preference), with Goldman Sachs, J.P. Morgan, Morgan Stanley, RBC, UBS, and BNY Mellon Capital Markets as underwriters.

auto_awesomeAnalysis · BNY · Finance

Closing its $500 million Series N preferred stock offering, BNY Mellon filed the Certificate of Designations and Deposit Agreement to formalize the new security. The 6.15% initial fixed rate resets in 2031 at the five-year Treasury plus 1.868%. This non-dilutive capital raise strengthens the balance sheet following a strong Q2 and a 19% dividend hike, but the preferred dividends will rank senior to common and impose restrictions on common dividends and buybacks if unpaid.