State Street Prices Remarketing of 4.956% Junior Subordinated Debentures Due 2018
February 02 2011 - 9:59PM
Business Wire
State Street Corporation (NYSE: STT) today announced its
successful remarketing of $500,100,000 aggregate principal amount
of 4.956% Junior Subordinated Debentures due 2018 (the “Remarketed
Notes”). The Remarketed Notes were originally issued as 6.001%
Junior Subordinated Debentures due 2042 (the “Original Junior
Notes”) to State Street Capital Trust III, a Delaware statutory
trust (the “Trust”), in connection with the offering of the Trust’s
8.250% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced
Capital Securities (the “Normal APEX”), liquidation amount $1,000
per security, in January 2008.
The Remarketed Notes will mature on March 15, 2018. The
remarketing is expected to settle on February 11, 2011. The net
proceeds from the remarketing will be used to purchase Treasury
securities, maturing March 10, 2011, the proceeds of which will be
used by the Trust on March 15, 2011 in order to make a final
distribution to holders of the Normal APEX in respect of the
Original Junior Notes and to satisfy the obligations of the Trust
under stock purchase contracts, pursuant to which the Trust is
obligated to purchase, and State Street Corporation is obligated to
sell, a total of 5,001 shares of State Street’s Non-Cumulative
Perpetual Preferred Stock, Series A, $100,000 liquidation amount
per share.
Goldman, Sachs & Co. acted as remarketing agent, sole
book-runner and underwriter in connection with the remarketing of
the Original Junior Notes.
State Street has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission for the
offering to which this communication relates. Prospective investors
should read the prospectus in the registration statement (and the
supplement thereto) and other documents State Street has filed with
the SEC for more complete information about State Street and this
offering. These documents can be accessed at no charge by visiting
EDGAR on the SEC web site at www.sec.gov. Alternatively, State
Street, the underwriter or any dealer participating in this
offering will arrange to send you the prospectus upon request by
contacting Goldman, Sachs & Co., Attention: Prospectus
Department, 200 West Street, New York, NY 10282, telephone: (866)
471-2526, facsimile: (212) 902-9316, email:
prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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