The Bank of New York Mellon Corporation is issuing Series M Noncumulative Perpetual Preferred Stock through a public offering of 500,000 depositary shares, featuring a $100,000 liquidation preference per share. The issuance includes provisions that restrict the company from paying dividends on common stock or junior securities if Series M dividends are not declared or paid. This matters to investors because it introduces new conditional constraints on the company's ability to distribute dividends to common shareholders.
