NEW YORK, Nov. 19, 2021 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) today announced that it will redeem all outstanding shares of its Series E Noncumulative Perpetual Preferred Stock (the "Series E Preferred Stock") and all of the corresponding depositary shares ("Depositary Shares"), each representing a 1/100th interest in a share of the Series E Preferred Stock. There are currently 10,000 shares of Series E Preferred Stock and 1,000,000 Depositary Shares outstanding.
The redemption date for the Series E Preferred Stock and the Depositary Shares will be the dividend payment date on December 20, 2021 (the "Redemption Date") and payment of the Redemption Payment (as defined below) will be made on the Redemption Date. The redemption price for the Depositary Shares will equal $1,000 per Depositary Share (equivalent to $100,000 per share of Series E Preferred Stock) (the "Redemption Payment"). The Redemption Payment does not include the dividend payment that will be payable on the Redemption Date to holders of record on the record date for such dividend payment.
On and after the Redemption Date, the Series E Preferred Stock and the Depositary Shares will no longer be deemed outstanding and dividends in respect of the Series E Preferred Stock represented by the Depositary Shares will no longer accrue.
Simultaneously with the redemption of the Series E Preferred Stock, the outstanding Depositary Shares will be redeemed in accordance with the applicable procedures of The Depository Trust Company ("DTC"), for an amount per Depositary Share equal to the Redemption Payment. All Depositary Shares are held in book-entry form through DTC and will be redeemed in accordance with the procedures of DTC.
Equiniti Trust Company is the depositary, transfer agent and registrar for the Series E Preferred Stock and the Depositary Shares. Equiniti Trust Company's address and telephone number are as follows:
Equiniti Trust Company
1110 Centre Pointe Curve
Mendota Heights, MN 55120
Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Payment for the Depositary Shares in which they have a beneficial interest.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Sept. 30, 2021, BNY Mellon had $45.3 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
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SOURCE BNY Mellon