Summary
On June 3, 2008, State Street Corporation (STT) announced a significant equity offering, entering into an underwriting agreement to issue and sell 35,715,000 shares of its common stock. The offering was priced at $70 per share, with the company granting underwriters an option to purchase an additional 5,357,250 shares. This move is expected to generate substantial capital for the company.
Key Highlights
- 1State Street Corporation priced a public offering of its common stock at $70 per share on June 3, 2008.
- 2The company will issue and sell 35,715,000 shares of common stock in the offering.
- 3Underwriters have an option to purchase up to an additional 5,357,250 shares.
- 4Estimated net proceeds from the offering are approximately $2.4 billion, potentially reaching $2.8 billion if the overallotment option is fully exercised.
- 5The proceeds from this offering are intended for general corporate purposes.
- 6The offering was conducted through an underwriting agreement with Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated.
- 7The company obtained a legal opinion from Wilmer Cutler Pickering Hale and Dorr LLP regarding the shares being issued.
Frequently Asked Questions
This Form 8-K filing reports on the material event of State Street Corporation entering into an underwriting agreement for a public offering of its common stock.
State Street Corporation estimates net proceeds of approximately $2.4 billion from the offering. This amount could increase to approximately $2.8 billion if the underwriters fully exercise their option to purchase additional shares.
The company intends to use the net proceeds from the offering for general corporate purposes.
The lead underwriters for this offering are Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated, acting as representatives of the underwriters.