Summary
State Street Corporation (STT) filed this Form 8-K on March 10, 2009, to report on the issuance of $1.5 billion aggregate principal amount of 2.150% Senior Notes due 2012. This issuance occurred on March 6, 2009, and was conducted through a public offering under a Registration Statement on Form S-3. The company received net proceeds of approximately $1.49 billion after underwriting discounts. The key detail for investors is that these notes are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program. This guarantee provides a significant level of security for the bondholders, likely making the offering attractive to investors during a period of market uncertainty. The filing also includes the relevant indenture documentation related to this note issuance.
Key Highlights
- 1State Street Corporation issued $1.5 billion in Senior Notes due 2012 on March 6, 2009.
- 2The notes carry a coupon rate of 2.150%.
- 3The offering was conducted as a public offering under a Form S-3 registration statement.
- 4Net proceeds received by the company were approximately $1.49 billion.
- 5A critical feature of these notes is their guarantee by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program.
- 6The filing includes the First Supplemental Indenture dated March 6, 2009, detailing the terms of the notes.
- 7The Underwriting Agreement was dated March 3, 2009, with Banc of America Securities LLC and Goldman, Sachs & Co. as representatives for the underwriters.