State Street Partners with Black-Owned Businesses to Underwrite $1.25 Billion of Senior Unsecured Debt
January 27 2023 - 12:30PM
Business Wire
Offering reinforces State Street’s commitment to diversity in
the financial services industry
State Street Corporation (NYSE: STT) announced that it has
issued an aggregate principal amount of $1.25 billion of senior
unsecured debt. The offering, which closed yesterday, was
structured in keeping with State Street’s ongoing inclusion,
diversity and equity (IDE) efforts, with Siebert Williams Shank
& Co., LLC acting as a bookrunner, and Blaylock Van, LLC,
CastleOak Securities, L.P., and Loop Capital Markets LLC, each
acting as co-managers. All four firms are Black-owned investment
firms and collectively, have underwritten one-third of the debt
securities in the issuance. The full underwriting syndicate also
included Goldman Sachs & Co. LLC, BofA Securities, Inc., and
Morgan Stanley & Co. LLC each acting as bookrunners.
This action reinforces State Street’s commitment to
strengthening Black-owned businesses and represents an ongoing
effort 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 seventh such State
Street issuance where syndication has been structured under State
Street’s IDE strategy, which has a diverse-owned firm acting as a
bookrunner, reflecting the firm’s continuing efforts to amplify the
impact of its actions.
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 Bronze Designation that was earned earlier this
month.
“We are pleased to announce this deal, as we prepare to
recognize and celebrate Black History Month beginning next week,”
said Eric Aboaf, Vice Chair and Chief Financial Officer of State
Street Corporation. “By partnering with Black-owned businesses we
aim to further improve diverse representation within our industry
while amplifying our impact as an organization.”
“Through its strong partnership with diverse-owned investment
banks, State Street continues to demonstrate its unwavering
commitment to providing meaningful commercial opportunities to
diverse-owned businesses that historically have been
underrepresented in the financial services industry,” stated Chris
Williams, Chairman, Siebert Williams Shank & Co, LLC.
The aggregate $1.25 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 7.5 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 $36.7 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of December 31, 2022. State Street operates
globally in more than 100 geographic markets and employs
approximately 42,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2022 includes
approximately $59 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.
© 2023 State Street Corporation - All Rights Reserved
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Media Contact: Ed Patterson +1 404 213 3106
epatterson@statestreet.com
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