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Mellon Capital IV Fix/Float Normal PCS
Ticker Symbol: BK- CUSIP: 58551TAA5 Exchange: NYSE
* NOTE: This security has been delisted at the request of the issuer and is no longer trading
but to our knowledge is still paying distributions to holders.
The security may start trading on the Other OTC market but to date it has not (to our knowledge).
QUANTUMONLINE.COM SECURITY DESCRIPTION: Mellon Capital IV, 6.244% Fixed-to-Floating Rate Normal PCS (Preferred Capital Securities), guaranteed by The Bank of New York Mellon (NYSE: BK) formerly Mellon Financial Corporation (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), liquidation amount $1000 per PCS, redeemable at the issuer's option on or after 06/20/2012 at $1000 per PCS plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.244% per annum ($62.44 per annum or $31.22 per semi-annually) will be paid semi-annually on 6/20 & 12/30 to holders of record (NOTE: the ex-dividend date is one business day prior to the record date). From 06/30/2012 dividends will be paid quarterly on 3/20, 6/20, 9/20 & 12/20 at a floating rate of the greater of 4.00% or the Three-Month LIBOR plus 0.565% per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by these trust preferred securities after 06/30/2012 are derived from distributions paid from the underlying preferred securities and therefore are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-127 of the prospectus for further information). Each Normal PCS represents a beneficial interest in the Trust that initially corresponds to: 1,000 principal amount of 6.044% Junior Subordinated Notes due 2043; 1/100 interest Stock Purchase Contracts due 06/20/2012 to purchase $100,000 face value Bank of New York Mellon preferred stock, which will transfer into 1/100 interest into the preferred stock. which were purchased from the company using the funds generated from the sale of the trust preferred securities. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. This security is possibly subject to an early call as a result of the occurrence of certain tax or corporate events. (see the prospectus for further information). The holder has the right to convert the Normal PCS to another class of PCS held by the trust. (see the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
Delisted
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FixFloat
n.a.
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$1,000.00
$1,000.00
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6/20/2012
None
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Baa1
BBB
7/20/2020
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3/20, 6/20, 9/20 & 12/20
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (BK)
IPO - 6/14/2007 - 500,000 Shares @ $1000/share.
Link to IPO Prospectus
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 240 Greenwich Street, New York, NY 10286 |
Main Phone Number |
212-495-1784 |
Fax Number |
Not Available |
Investor Relations
Andy Clark
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212-635-1803
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TST - Steven G. Elliott |
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