8-KShareholder MattersCorporate ChangesOther Events+1

STATE STREET CORP 8-K Report, Rights Modification (Aug 20, 2012)

Filed August 20, 2012For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K report on August 20, 2012, detailing significant actions related to its preferred stock. The company amended its Articles of Organization to establish Series C Non-Cumulative Perpetual Preferred Stock. Concurrently, STT entered into an underwriting agreement for a public offering of 20,000,000 depositary shares, each representing a fractional ownership interest in this new Series C Preferred Stock. The primary purpose of this offering, which priced the depositary shares at $25 each, is to raise approximately $487.5 million in net proceeds. These funds are earmarked for the redemption of all outstanding Series A Preferred Stock held by State Street Capital Trust III. This strategic move aims to optimize the company's capital structure and manage its preferred stock obligations.

Key Highlights

  • 1State Street Corporation is amending its Articles of Organization to create Series C Non-Cumulative Perpetual Preferred Stock.
  • 2The company is conducting a public offering of 20,000,000 depositary shares, each representing an interest in the new Series C Preferred Stock.
  • 3The offering is priced at $25 per depositary share.
  • 4State Street expects to raise approximately $487.5 million in net proceeds from this offering.
  • 5The net proceeds will be used to redeem all outstanding Series A Preferred Stock from State Street Capital Trust III.
  • 6This action is part of a broader strategy involving the redemption of related capital securities and common securities from State Street Capital Trust III.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce State Street Corporation's plan to create a new series of preferred stock (Series C), conduct a public offering of depositary shares representing this new stock, and use the proceeds to redeem its existing Series A Preferred Stock.

State Street is raising approximately $487.5 million in net proceeds from the offering of depositary shares. These funds are intended to redeem all of its outstanding Series A Preferred Stock from State Street Capital Trust III.

The key securities involved are the newly created Series C Non-Cumulative Perpetual Preferred Stock, the depositary shares representing interests in the Series C Preferred Stock, and the Series A Preferred Stock which is being redeemed.

The earliest event reported is the underwriting agreement dated August 14, 2012. The Articles of Amendment were filed on August 15, 2012, and the prospectus supplement was filed on August 16, 2012. The filing date of the 8-K itself is August 20, 2012.