Yesterday, Bank of New York Mellon Corp. (BONY) announced the pricing of a $1.2 billion common stock offering. This news comes one day after the announcement by three other U.S. bank holding companies that they were raising capital to fund the repurchase preferred stock and related warrants issued to Treasury this past fall as part of Treasury's Capital Purchase Program (CPP). In its preliminary prospectus supplement, BONY indicated that it would use part of the proceeds from the offering to repurchase the $3 billion of Series B Preferred Stock and related warrants to purchase 14,516,129 shares of common stock held by the U.S. Treasury under the CPP.
