47% of ARCS Mortgage Shares to Be Offered

The Bank of New York Co. Inc. said it plans to sell 47% of its Calabasas-based mortgage banking subsidiary, ARCS Mortgage Inc., to the public in an initial offering of stock.

The sale of 3.1 million common shares by ARCS is expected to raise $58 million, Bank of New York said in a Securities and Exchange Commission filing. Bank of New York will offer an additional 927,800 shares of its ARCS holdings in the sale.

ARCS plans to use the offering’s proceeds to repay debt and for general corporate purposes.