State Street Corporation Prices Common Stock Offering
September 09 2021 - 11:45PM
Business Wire
State Street Corporation (“State Street”) (NYSE: STT) today
announced the pricing of an underwritten public offering of
21,724,217 shares of its common stock at a public offering price of
$87.60 per share. The offering is being conducted as a public
offering registered under the Securities Act of 1933, as
amended.
The offering is expected to close on September 14, 2021, subject
to customary closing conditions.
State Street intends to use the net proceeds from this offering
to fund a portion of the cash consideration payable for, and
certain costs associated with, the acquisition of Brown Brothers
Harriman Investor Services (“BBH Investor Services”). Completion of
this offering is not contingent upon the completion of the
acquisition of BBH Investor Services. If the acquisition of BBH
Investor Services is not completed, State Street will use the net
proceeds for general corporate purposes.
Goldman Sachs & Co. LLC and BofA Securities are acting as
underwriters for the proposed offering.
The offering is being made pursuant to an effective registration
statement on Form S-3 (including a prospectus) filed with the U.S.
Securities and Exchange Commission (the “SEC”). Prospective
investors should read the prospectus forming a part of that
registration statement and the prospectus supplement related to the
offering and the other documents that State Street has filed with
the SEC for more complete information about State Street and this
offering. These documents are available at no charge by visiting
EDGAR on the SEC website at www.sec.gov. Alternatively, the
prospectus and prospectus supplement relating to the offering, when
available, may be obtained from Goldman Sachs & Co. LLC at
Goldman Sachs & Co. LLC, Prospectus Department, 200 West
Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile:
212-902-9316 and BofA Securities at BofA Securities, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn:
Prospectus Department.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the shares of State Street’s common
stock, nor shall there be any offer, solicitation or sale of the
shares of State Street’s common stock in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
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 $42.6 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of June 30, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide.
*Assets under management as of June 30, 2021 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.
Forward Looking Statements
Statements in this release that are not strictly historical,
including statements regarding the terms of the proposed offering,
the timing and completion of the offering, State Street’s intended
use of proceeds, the acquisition of BBH Investor Services and any
other statements regarding events or developments that State Street
expects or anticipates will or may occur in the future, are
“forward-looking” statements. There are a number of important risks
and uncertainties that could cause actual results, developments and
business decisions to differ materially from those suggested or
indicated by such forward-looking statements and you should not
place undue reliance on any such forward-looking statements. These
risks and uncertainties include, among other things, risks and
uncertainties relating to capital markets conditions and completion
of the offering, the ability of the parties to the acquisition of
BBH Investor Services to satisfy the conditions to the acquisition
on a timely basis and such parties’ ability to complete the
acquisition on the anticipated terms and schedule, including the
ability to obtain regulatory approvals. Additional information
regarding the factors that may cause actual results to differ
materially from these forward-looking statements is available in
State Street’s SEC filings, including its Annual Report on Form
10-K for the year ended December 31, 2020 and its subsequent SEC
filings. These forward-looking statements speak only as of the date
of this release, and State Street does not assume any obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events and developments or
otherwise.
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Ilene Fiszel Bieler +1 617-664-3477
Carolyn Cichon +1 617-664-8672
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