8-KOther EventsExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (May 22, 2009)

Filed May 22, 2009For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on May 22, 2009, to report on two significant financing activities that occurred on May 22, 2009. The company successfully completed a public offering of its common stock, issuing approximately 58.97 million shares. This offering generated substantial net proceeds of about $2.23 billion for State Street, bolstering its capital position during a challenging economic period. In addition to the equity offering, State Street also issued $500 million in aggregate principal amount of 4.30% Senior Notes due 2014. This debt issuance raised approximately $498 million in net proceeds after deducting expenses and underwriting fees. These dual offerings indicate State Street's proactive approach to strengthening its balance sheet and securing liquidity.

Key Highlights

  • 1State Street completed a public offering of 58,974,358 shares of common stock on May 22, 2009.
  • 2The common stock offering resulted in net proceeds of approximately $2.23 billion.
  • 3State Street issued $500 million aggregate principal amount of 4.30% Senior Notes Due 2014.
  • 4The Senior Notes offering generated net proceeds of approximately $498 million.
  • 5Both offerings were conducted under a registration statement on Form S-3.
  • 6The company utilized Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated as underwriters for both offerings.
  • 7The Senior Notes are not guaranteed by the FDIC under its Temporary Liquidity Guarantee Program.

Frequently Asked Questions

While not explicitly stated as the primary purpose in this 8-K, these offerings were made during a period of economic stress in 2009. Investors would generally infer that these actions were taken to strengthen State Street's capital position, enhance liquidity, and ensure financial stability in the prevailing market conditions.

State Street raised approximately $2.23 billion from the common stock offering and approximately $498 million from the senior notes offering, totaling roughly $2.73 billion in net proceeds from both events.

No, the filing explicitly states that the Senior Notes are not guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program.

A Form S-3 filing, also known as a shelf registration statement, allows a company to register securities it plans to issue in the future. This filing on March 12, 2009, for State Street indicated their intention to raise capital through debt and equity offerings, allowing them to efficiently execute these offerings on May 22, 2009, once market conditions were favorable.