BNY Mellon Announces Redemption of 2.661% Fixed Rate / Floating Rate Callable Senior Notes Due 2023

Rhea-AI Summary

The Bank of New York Mellon Corporation (BK) announced the redemption of all outstanding 2.661% Fixed Rate/Floating Rate Callable Senior Notes, totaling $1 billion, due May 16, 2023. The redemption date is set for May 16, 2022, with the redemption price equal to 100% of the principal plus accrued interest. Following this date, the notes will no longer be considered outstanding, and interest will stop accruing.

As of March 31, 2022, BNY Mellon managed assets worth $45.5 trillion under custody and $2.3 trillion in assets under management.

Positive

• Successful redemption of $1 billion in senior notes improves balance sheet.
• The redemption reduces future interest expenses on the company's liabilities.

Negative

• None.

NEW YORK, May 5, 2022 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") today announced that it will redeem all of the issued and outstanding 2.661% Fixed Rate/Floating Rate Callable Senior Notes due May 16, 2023 (CUSIP 06406RAC1) (the "Notes"). The Notes have an aggregate principal amount of $1,000,000,000.

The redemption date for the Notes is May 16, 2022 (the "Redemption Date"). The redemption price for the Notes will equal 100% of the principal amount of the Notes plus any accrued and unpaid interest thereon to, but excluding, the Redemption Date (the "Redemption Price").

On and after the Redemption Date, the Notes will no longer be deemed outstanding and interest will no longer accrue on such securities.

Payment of the Redemption Price will be made through the facilities of The Depository Trust Company.

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 March 31, 2022, BNY Mellon had $45.5 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). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Contacts:

Media
Erin Smith
erin.smith@bnymellon.com
Phone: +1 212 815 7170

Analysts
Marius Merz
marius.merz@bnymellon.com
Phone: +1 212 298 1480

 

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SOURCE BNY Mellon

FAQ

What is the amount of the senior notes being redeemed by BNY Mellon on May 16, 2022?

BNY Mellon is redeeming $1 billion of 2.661% Fixed Rate/Floating Rate Callable Senior Notes.

What is the significance of the redemption date for BNY Mellon?

The redemption date signifies the cessation of interest accrual on the notes after May 16, 2022.

How does the redemption affect BNY Mellon's financials?

The redemption enhances the balance sheet by reducing future interest expenses.

What assets does BNY Mellon manage as of March 31, 2022?

As of March 31, 2022, BNY Mellon managed $45.5 trillion in assets under custody and $2.3 trillion in assets under management.