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Rating:BNY Mellon Sells Stock to Pay PNC Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 04, 2010

BNY Mellon Sells Stock to Pay PNC

Reported by Armie Margaret Lee

BNY Mellon on Friday revealed plans to offer $700 million of its common stock to help fund its purchase of PNC Global Investment Servicing. New York-based BNY Mellon hired Goldman Sachs & Co. and Citi to serve as book-running managers for the stock offering.

News of the proposed stock sale comes four months after BNY Mellon inked a deal to buy mutual fund service provider PNC Global Investment Servicing for $2.31 billion. The deal is expected to close in the third quarter.

In a press release discussing the proposed stock offering on Friday, BNY Mellon officials said they expect to enter into a forward sale agreement with Goldman Sachs. Goldman will borrow and sell to the public through the underwriters' shares of BNY Mellon's common stock.

BNY Mellon will not receive proceeds from the stock sale until the settlement of the forward sale agreement. That is expected to take place five months at the most from the offering date.

"The company intends to use any proceeds that it receives upon settlement of the forward sale agreement to consummate its acquisition of PNC's Global Investment Servicing Inc. business or for general corporate purposes," BNY Mellon officials said in the press release. 

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