State Street Corporation Announces Issuance of Preferred Stock
January 31 2024 - 5:00PM
Business Wire
State Street Corporation (“State Street”) (NYSE: STT) announced
today that it has issued $1.5 billion of depositary shares, each
representing a 1/100th ownership interest in a share of its 6.700%
Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I
(the “Series I Preferred Stock”), without par value per share, with
a liquidation preference of $100,000 per share.
The offering, which closed today, was structured in keeping with
State Street’s ongoing inclusion, diversity, and equity efforts,
with Loop Capital Markets LLC and Samuel A. Ramirez & Company,
Inc. each acting as co-managers on the transaction, representing
State Street’s eleventh consecutive offering engagement with
diverse underwriters. The underwriting syndicate also included BofA
Securities, Inc., Deutsche Bank Securities Inc. and Goldman Sachs
& Co. LLC, each acting as joint book-running managers.
Dividends on the Series I Preferred Stock will be payable on the
liquidation preference amount, on a non-cumulative basis, quarterly
in arrears on the 15th day of March, June, September and December
of each year, commencing on June 15, 2024. Dividends will accrue
(i) from the date of issuance to, but excluding, March 15, 2029 at
a fixed rate of 6.700% per annum and (ii) from and including March
15, 2029, for each five-year reset period, at a rate per annum
equal to the five-year U.S. Treasury rate as of the most recent
reset dividend determination date, plus a spread of 2.613%.
Dividend payments on the Series I Preferred Stock will only be
payable when, as and if declared by State Street’s board of
directors, or any duly authorized committee of its board of
directors. State Street may redeem the Series I Preferred Stock (i)
in whole or in part on any dividend payment date on or after March
15, 2029, subject to regulatory approval, and (ii) in whole but not
in part within 90 days following the occurrence of a regulatory
capital treatment event.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $41.8 trillion in assets
under custody and/or administration and $4.1 trillion* in assets
under management as of December 31, 2023, State Street operates
globally in more than 100 geographic markets and employs
approximately 46,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2023 includes
approximately $64 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240131025972/en/
Investor Contact: Ilene Fiszel Bieler +1 617 664 3477
Media Contact: Ed Patterson +1 404 213 3106
State Street (NYSE:STT)
Historical Stock Chart
From Apr 2024 to May 2024
State Street (NYSE:STT)
Historical Stock Chart
From May 2023 to May 2024