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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.40 | 0.71% | 57.00 | 57.21 | 56.48 | 56.91 | 2,214,002 | 01:00:00 |
Pricing Supplement dated April 19, 2022 (To Prospectus dated December 9, 2021 and Prospectus Supplement dated December 9, 2021) THE BANK OF NEW YORK MELLON CORPORATION |
Rule 424(b)(2) File No. 333-261575 |
Senior Medium-Term Notes Series J
(U.S. $ Floating Rate)
$400,000,000 Floating Rate Senior Notes Due 2025
Trade Date: April 19, 2022
Original Issue Date: April 26, 2022
Principal Amount: $400,000,000
Net Proceeds (Before Expenses) to Issuer: $399,400,000
Price to Public: 100.000% plus accrued interest, if any, from April 26, 2022
Commission/Discount: 0.150%
Agents Capacity: ☒ Principal Basis ☐ Agency Basis
Maturity Date: April 25, 2025
Interest Payment Dates: The 25th day of January, April, July and October of each year, commencing on July 25, 2022
Interest Rate: Compounded SOFR (as defined in the Prospectus Supplement), as determined in accordance with the provisions set forth in the Prospectus and Prospectus Supplement, plus the Spread. In no event will the Interest Rate for any Interest Period (as defined in the Prospectus Supplement) be less than the Minimum Interest Rate.
Base Rate or Benchmark: Compounded SOFR
Spread: +62 basis points
Minimum Interest Rate: 0%
Day Count Convention: Actual/360
Business Day Convention: Modified following, adjusted. If any Interest Payment Date falls on a day that is not a Business Day (other than an Interest Payment Date that is also the Maturity Date or a redemption date, if applicable), such Interest Payment Date will be postponed to the following Business Day, except that, if the next Business Day would fall in the next calendar month, the Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date or a redemption date, if applicable, falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no additional interest will accrue from and after the Maturity Date or redemption date, as applicable.
Redemption Commencement Date: March 25, 2025
Redemption Price: 100% of the principal amount of the Notes redeemed
Optional Redemption: Redeemable in whole or in part at the option of the issuer on or after the Redemption Commencement Date at the Redemption Price, plus accrued and unpaid interest thereon to the date of redemption, on written notice given to the registered holders of the Notes not less than 5 nor more than 30 calendar days prior to the date of redemption.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Form: | x | Book Entry | ||||
Certificated | ||||||
Redemption: | The Notes cannot be redeemed prior to maturity | |||||
x | The Notes may be redeemed prior to maturity | |||||
Repayment: | x | The Notes cannot be repaid prior to maturity | ||||
The Notes can be repaid prior to maturity at the option of the holder of the Notes | ||||||
Discount Note: | Yes x No |
Defeasance: The defeasance and covenant defeasance provisions of the Senior Indenture described under Description of Debt SecuritiesDebt Securities Issued by the Company under the Senior Indenture or the Senior Subordinated IndentureLegal Defeasance and Covenant Defeasance in the Prospectus will apply to the Notes.
No PRIIPs or UK PRIIPs KID: No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK. See Prohibition of Sales to EEA Retail Investors and Prohibition of Sales to UK Retail Investors in the prospectus supplement.
Plan of Distribution: The Notes described herein are being purchased, severally and not jointly, by the agents named in the below table (the Agents), each as principal, on the terms and conditions described in the prospectus supplement under the caption Plan of Distribution of Medium-Term Notes (Conflicts of Interest).
Agent |
Aggregate Principal Amount of Notes to be Purchased |
|||||
Citigroup Global Markets Inc. |
$ | 56,000,000 | ||||
Deutsche Bank Securities Inc. |
$ | 56,000,000 | ||||
Loop Capital Markets LLC |
$ | 56,000,000 | ||||
RBC Capital Markets, LLC |
$ | 56,000,000 | ||||
Samuel A. Ramirez & Company, Inc. |
$ | 56,000,000 | ||||
Siebert Williams Shank & Co., LLC |
$ | 56,000,000 | ||||
BNY Mellon Capital Markets, LLC |
$ | 20,000,000 | ||||
TD Securities (USA) LLC |
$ | 14,672,000 | ||||
Commonwealth Bank of Australia |
$ | 14,664,000 | ||||
Jefferies LLC |
$ | 14,664,000 | ||||
|
|
|||||
Total: |
$ | 400,000,000 | ||||
|
|
The Agents expect to deliver the Notes in book-entry form only through the facilities of The Depository Trust Company against payment in New York, New York on or about the fifth business day following the date of this pricing supplement, or T+5. Trades of securities in the secondary market generally are required to settle in two business days, referred to as T+2, unless the parties to a trade agree otherwise. Accordingly, by virtue of the fact that the initial delivery of the Notes will not be made on a T+2 basis, investors who wish to trade the Notes more than two business days before the Original Issue Date will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement.
The prospectus, prospectus supplement and this pricing supplement may be used by the Company, BNY Mellon Capital Markets, LLC and any other affiliate controlled by the Company in connection with offers and sales relating to the initial sales of securities and any market-making transaction involving the securities after the initial sale. These transactions may be executed at negotiated prices that are related to market prices at the time of purchase or sale, or at other prices. The Company and its affiliates may act as principal or agent in these transactions.
The Agents and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the Agents and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Company, for which they received or will receive customary fees and expenses.
To the extent any Agent that is not a U.S. registered broker-dealer intends to effect any offers or sales of any Notes in the United States, it will do so through one or more U.S. registered broker-dealers in accordance with the applicable U.S. securities laws and regulations.
We estimate that we will pay approximately $115,000 for expenses, excluding underwriting discounts and commissions.
In the ordinary course of their various business activities, the Agents and their respective affiliates have made or held, and may in the future make or hold, a broad array of investments including serving as counterparties to certain derivative and hedging arrangements, and may have actively traded, and, in the future may actively trade, debt and equity securities (or related derivative securities), and financial instruments (including bank loans) for their own account and for the accounts of their customers and may have in the past and at any time in the future hold long and short positions in such securities and instruments. Such investment and securities activities may have involved, and in the future may involve, securities and instruments of the Company.
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