State Street Partners with Black-Owned Businesses to Underwrite $1.5 Billion of Senior Unsecured Debt
February 07 2022 - 1:30PM
Business Wire
Offering reinforces State Street’s commitment
to diversity in the financial services industry and celebrates
Black History Month
State Street Corporation (NYSE: STT) announced today that it has
issued an aggregate of $1.5 billion of senior unsecured debt. The
offering, which closed today, was structured in keeping with State
Street’s ongoing inclusion, diversity and equity efforts, with
Siebert Williams Shank & Co., LLC and Loop Capital Markets LLC
acting as bookrunners, and CastleOak Securities, L.P. and Blaylock
Van, LLC acting as co-managers. All four firms are Black-owned
investment firms. Collectively, these investment firms have
underwritten almost half of the debt securities in the issuance.
The full underwriting syndicate also included Goldman Sachs &
Co. LLC and Credit Suisse Securities (USA) LLC acting as
bookrunners, with Citigroup Global Markets Inc. acting as
co-manager.
This action reinforces the firm’s strong commitment to
strengthening Black-owned businesses and represents an ongoing
effort by State Street to partner with Black and Latinx-owned
investment firms, as well as firms owned by other underrepresented
groups, as part of its debt offerings. This offering marks the
third such State Street issuance in under a year where syndication
has been structured under State Street’s inclusion, diversity and
equity (IDE) strategy, reflecting the firm’s continuing efforts to
amplify the impact of its actions supporting its Environmental
Social & Governance initiatives.
Supporting Black-owned businesses as underwriters complements a
number of ongoing IDE-related efforts within the firm’s 10 Actions
to Address Racism and Inequality, and contributes meaningfully to
Black equity in society consistent with the firm’s MLT Black Equity
at Work Certification plan.
“We are pleased to announce this deal as we begin our
celebration of Black History Month in the U.S,” said Eric Aboaf,
chief financial officer of State Street Corporation. “The
partnership with these highly regarded Black-owned businesses
allows us to amplify our impact as an organization by improving
diverse representation within our industry.”
“We are honored to play such a significant role in this note
issue for State Street,” said Chris Williams, chairman of Siebert
Williams Shank & Co., LLC. “Mandating diverse firms as joint
bookrunners with full participation in the investor book building
and allocation process highlights State Street’s meaningful
commitment to diversity and enables Siebert to add value for our
issuers, support our institutional clients, and challenge our
professionals.”
“We are thrilled to participate in this transaction and applaud
the efforts of State Street to foster greater diversity and
inclusion in financial services, passions which we share,” said
Beth Hammack, co-head of the Global Financing Group within the
Investment Banking Division at Goldman Sachs. “We commend State
Street for their leadership and for the opportunity provided to our
partner firms in this exciting transaction.”
The aggregate $1.5 billion offering of senior notes priced at
the tight end of initial price talk areas for each tranche and had
an aggregate final orderbook that was 2.0 times oversubscribed.
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 $43.7 trillion in assets
under custody and/or administration and $4.1 trillion* in assets
under management as of December 31, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 30, 2021 includes
approximately $61 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.
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