Bank of New York Co. on Monday issued $100 million of cumulative depositary preferred stock through underwriters led by Merrill Lynch & Co.

The issue consists of four million shares at $25 each, carrying a dividend of 8.60%.

The dividend was higher than the originally proposed 8.375% but within the revised price talk of 8.50% to 8.625%.

The issue, which is noncallable for five years, is rated A3 by Moody's Investors Service Inc. and BBB by Standard & Poor's Corp.

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