By Andrea Heisinger
New York, May 5 - The Bank of New York Mellon Corp. sold $1.5 billion of senior medium-term notes (Aa2/AA-/) in two tranches Tuesday, an informed source said.
The $1 billion of 4.3% five-year notes priced at 99.968 to yield 4.307%, or Treasuries plus 225 basis points.
The $500 million of 5.45% 10-year notes priced at 99.87 to yield 5.467%, or Treasuries plus 230 bps.
Both tranches priced at the tight end of price talk, which was 230 bps for the five-year notes and 235 bps for the 10-year notes.
The notes are non-callable.
Bookrunners were Banc of America Securities LLC, Credit Suisse Securities and Deutsche Bank Securities Inc.
Proceeds will be used to repurchase 3 million shares of preferred stock and/or the warrant for 14,516,129 shares of common stock bought by the U.S. Treasury under the Capital Purchase Program of the Troubled Asset Relief Program. If the proceeds are not used for these purposes, they will be used for general corporate purposes by the company's subsidiaries.
The financial services company is based in New York City.
| Issuer: | Bank of New York Mellon Corp.
|
| Issue: | Senior medium-term notes
|
| Total amount: | $1.5 billion
|
| Bookrunners: | Banc of America Securities LLC, Credit Suisse Securities, Deutsche Bank Securities Inc.
|
| Trade date: | May 5
|
| Settlement date: | May 12
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2014
|
| Coupon: | 4.3%
|
| Price: | 99.968
|
| Yield: | 4.307%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Non-callable
|
| Price talk: | 230 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2019
|
| Coupon: | 5.45%
|
| Price: | 99.87
|
| Yield: | 5.467%
|
| Spread: | Treasuries plus 230 bps
|
| Call: | Non-callable
|
| Price talk: | 235 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
