Summary
State Street Corporation (STT) filed an 8-K on March 7, 2011, to report on a significant debt offering. On March 2, 2011, the company entered into an underwriting agreement to issue and sell a total of $1.95 billion in senior notes. This offering comprises $250 million in floating rate senior notes due 2014, $1 billion in 2.875% senior notes due 2016, and $750 million in 4.375% senior notes due 2021. The net proceeds from this offering are expected to be approximately $1.985 billion, after accounting for underwriting discounts and estimated expenses. This issuance is being conducted under a previously filed registration statement on Form S-3. The proceeds are intended to strengthen the company's capital structure and support its ongoing operations and strategic initiatives.
Key Highlights
- 1State Street Corporation issued $1.95 billion in senior notes across three tranches.
- 2The notes include $250 million in floating rate senior notes due 2014.
- 3The issuance includes $1 billion in 2.875% senior notes due 2016.
- 4Additionally, $750 million in 4.375% senior notes due 2021 were issued.
- 5The company expects to receive net proceeds of approximately $1.985 billion from the offering.
- 6The offering was conducted via an underwriting agreement with Morgan Stanley & Co. Incorporated and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
- 7The issuance is pursuant to a Form S-3 registration statement filed with the SEC.