State Street Corporation Prices Offering of Depositary Shares Representing Interests in Preferred Stock
August 14 2012 - 9:29PM
Business Wire
State Street Corporation (NYSE: STT) today announced the pricing
of its previously announced offering of 20,000,000 depositary
shares each representing a 1/4,000th ownership interest in a share
of Non-Cumulative Perpetual Preferred Stock, Series C, without par
value per share, with a liquidation preference of $100,000 per
share (equivalent to $25 per depositary share). The aggregate
dollar amount of the depositary shares offered is $500,000,000. The
offering is being conducted pursuant to an effective registration
statement under the Securities Act of 1933.
The depositary shares will be offered to the public at a price
of $25 per depositary share and with a dividend rate of 5.25% per
annum on the liquidation preference of $100,000 per Series C share.
State Street estimates that the net proceeds from the offering will
be approximately $487.5 million, after deducting estimated expenses
and underwriting discounts and commissions.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC
and Wells Fargo Securities, LLC are joint book-running managers for
this offering.
Subject to approval by the Federal Reserve, State Street intends
to use the net proceeds of the offering to redeem all of the
outstanding shares of State Street’s Non-Cumulative Perpetual
Preferred Stock, Series A, all of which are held by State Street
Capital Trust III, at a cash redemption price of $100,000 per
share, together with an amount equal to any dividends that have
been declared but not paid prior to the redemption date, on such
redemption date as may be established by State Street in accordance
with the Certificate of Designation of the Series A Preferred
Stock. Upon the completion of the redemption of the Series A
Preferred Stock, State Street Capital Trust III will redeem all of
State Street’s outstanding 8.250% Fixed-to-Floating Rate Normal
Automatic Preferred Enhanced Capital Securities and all of the
outstanding common securities issued by State Street Capital Trust
III. If State Street is not permitted to redeem the Series A
Preferred Stock, then State Street expects to use the net proceeds
for general corporate purposes.
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 that State Street has filed
with the SEC for more complete information about State Street
Corporation and this offering. These documents can be accessed at
no charge by visiting the EDGAR System on the SEC’s website at
www.sec.gov. Alternatively, a copy of the prospectus supplement
relating to the depositary shares can be obtained from Morgan
Stanley & Co. LLC’s prospectus department at 180 Varick Street,
2nd Floor, New York, NY 10014, e-mail:
prospectus@morganstanley.com, telephone: (866) 718-1649; from
Goldman, Sachs & Co. at 200 West Street, New York, NY 10282,
Attention: Prospectus Department, telephone: (866) 471-2526,
e-mail: prospectus-ny@ny.email.gs.com; from Merrill Lynch, Pierce,
Fenner & Smith Incorporated at 222 Broadway, 7th Floor, New
York, NY 10038, e-mail: dg.prospectus_requests@baml.com, telephone:
(800) 294-1322; from UBS Securities LLC at 299 Park Avenue, New
York, NY 10171, Attention: Prospectus Specialist, telephone: (877)
827-6444, ext. 5613884; or from Wells Fargo Securities, LLC at 1525
West W. T. Harris Boulevard, NC0675, Charlotte, NC, Attention:
Capital Markets Capital Support, telephone: (800) 326-5897, e-mail:
cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell or a
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.
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024