8-KOther EventsExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (May 14, 2013)

Filed May 14, 2013For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on May 14, 2013, reporting on a significant debt offering that closed on May 8, 2013. The company successfully issued and sold $500 million of 1.350% Senior Notes due 2018 and $1 billion of 3.100% Senior Subordinated Notes due 2023, raising a total of $1.5 billion in principal. This offering was conducted through a public sale and utilized a registration statement previously filed on Form S-3. The net proceeds from this offering, after accounting for underwriting discounts and estimated expenses, are expected to be approximately $1.491 billion. These funds will likely be used to bolster State Street's capital structure and support its ongoing business operations. Investors should note the specific coupon rates and maturity dates of these new debt issuances, as they represent new obligations on the company's balance sheet.

Key Highlights

  • 1State Street Corporation issued $1.5 billion in aggregate principal amount of new debt.
  • 2The offering consisted of $500 million in 1.350% Senior Notes due 2018 and $1 billion in 3.100% Senior Subordinated Notes due 2023.
  • 3The debt offering was a public offering conducted via an underwriting agreement with major financial institutions.
  • 4The company expects to receive net proceeds of approximately $1.491 billion after expenses and discounts.
  • 5The issuance was registered on Form S-3, indicating prior SEC review of the offering framework.
  • 6The filing includes relevant exhibits such as the underwriting agreement and forms of the notes.
  • 7The transaction was completed on May 8, 2013.

Frequently Asked Questions

This 8-K filing is to report on the material event of State Street Corporation entering into an underwriting agreement and completing a public offering of senior and senior subordinated notes.

State Street raised $1.5 billion in principal amount through the issuance of $500 million in Senior Notes and $1 billion in Senior Subordinated Notes. The net proceeds after expenses are expected to be approximately $1.491 billion.

The new debt includes $500 million of 1.350% Senior Notes due in 2018 and $1 billion of 3.100% Senior Subordinated Notes due in 2023.

The underwriters for this offering were Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co., and Morgan Stanley & Co. LLC, acting as representatives of the underwriters.