State Street Corporation Announces Pricing of Fixed-to-Floating Rate Senior Notes Offering
March 26 2020 - 9:18PM
Business Wire
State Street Corporation (“State Street”) (NYSE: STT) today
announced that it has priced an offering of $750,000,000 aggregate
principal amount of 2.825% Fixed-to-Floating Rate Senior Notes due
2023 (the “2023 Notes”), $500,000,000 aggregate principal amount of
2.901% Fixed-to-Floating Rate Senior Notes due 2026 (the “2026
Notes”) and $500,000,000 aggregate principal amount of 3.152%
Fixed-to-Floating Rate Senior Notes due 2031 (the “2031 Notes” and,
together with the 2023 Notes and the 2026 Notes, the “Notes”).
The 2023 Notes will bear interest at a fixed
rate per annum of 2.825% from and including the date of original
issuance to but excluding March 30, 2022 payable semiannually in
arrears on March 30 and September 30 beginning September 30, 2020.
Unless redeemed, from March 30, 2022 until the maturity date, the
2023 notes will bear interest at a floating rate based on SOFR plus
a margin of 2.69% payable quarterly in arrears. The 2023 Notes will
mature on March 30, 2023.
The 2026 Notes will bear interest at a fixed
rate per annum of 2.901% from and including the date of original
issuance to but excluding March 30, 2025 payable semiannually in
arrears on March 30 and September 30 beginning September 30, 2020.
Unless redeemed, from March 30, 2025 until the maturity date, the
2026 notes will bear interest at a floating rate based on SOFR plus
a margin of 2.60% payable quarterly in arrears. The 2026 Notes will
mature on March 30, 2026.
The 2031 Notes will bear interest at a fixed
rate per annum of 3.152% from and including the date of original
issuance to but excluding March 30, 2030 payable semiannually in
arrears on March 30 and September 30 beginning September 30, 2020.
Unless redeemed, from March 30, 2030 until the maturity date, the
2031 notes will bear interest at a floating rate based on SOFR plus
a margin of 2.65% payable quarterly in arrears. The 2031 Notes will
mature on March 30, 2031.
The offering is expected to close on March 30, 2020, subject to
customary closing conditions.
The Notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the “Securities Act”), and outside the United
States pursuant to Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act and,
unless so registered, may not be offered or sold in the United
States absent an applicable exemption from registration
requirements. This notice is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
This press release is neither an offer to sell nor the
solicitation of an offer to buy the Notes or any other securities,
and there shall not be any offer to sell, solicitation of an offer
to buy or sale of the Notes in any jurisdiction in which, or to any
person to whom, such an offer, solicitation or sale is unlawful.
Any offers of the Notes will be made only by means of an offering
memorandum.
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 $34.36 trillion in assets
under custody and/or administration and $3.12 trillion* in assets
under management as of December 31, 2019, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide.
*Assets under management as of December 31, 2019 includes
approximately $45 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
Forward Looking Statements
This press release contains forward-looking statements that are
not historical in nature. Such statements constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and are made pursuant to
the safe harbor provisions of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements involve risks and uncertainties that
could cause the Company’s actual results to differ materially from
those expressed in these statements. Factors that may cause such
differences include: the failure to complete the sale or issuance
of the Notes, competitive factors, government regulation and
general economic conditions, health epidemics, pandemics and
similar outbreaks, including the COVID-19 pandemic, and other risks
and uncertainties described in State Street’s periodic reports on
file with the U.S. Securities and Exchange Commission including the
most recent Annual Report on Form 10-K of State Street, as filed
with the U.S. Securities and Exchange Commission. In some cases,
you can identify these statements by forward-looking words, such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,”
“intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,”
“project,” “should,” “will,” and similar words or expressions, the
negative or plural of such words or expressions and other
comparable terminology. Actual results may differ materially from
anticipated results. State Street does not undertake to update its
forward-looking statements or any of the information contained in
this press release, including to reflect future events or
circumstances.
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Ilene Fiszel Bieler +1 617-664-3477
Marc Hazelton +1 617-513-9439
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