8-KOther EventsExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (Mar 4, 2014)

Filed March 4, 2014For Securities:STTSTT-PG

Summary

On March 4, 2014, State Street Corporation (STT) announced the successful completion of a public offering of 30,000,000 depositary shares. Each depositary share represents a 1/4,000th ownership interest in a series of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D. The offering was conducted under a registration statement filed with the SEC. This offering yielded net proceeds of approximately $741.8 million for State Street after deducting underwriting discounts and commissions. These funds are expected to bolster the company's capital position, providing greater financial flexibility and supporting its ongoing business operations and strategic initiatives. The issuance of preferred stock is a common method for financial institutions to enhance their capital adequacy ratios.

Key Highlights

  • 1State Street Corporation completed a public offering of 30,000,000 depositary shares on March 4, 2014.
  • 2Each depositary share represents a 1/4,000th interest in Series D Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
  • 3The offering yielded approximately $741.8 million in net proceeds for State Street.
  • 4The issuance was made pursuant to a registration statement on Form S-3.
  • 5Major underwriters included Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co., and Wells Fargo Securities, LLC.
  • 6A Deposit Agreement was entered into with American Stock Transfer & Trust Company, LLC as the depositary.
  • 7Legal opinion on the issuance was provided by Wilmer Cutler Pickering Hale and Dorr LLP.

Frequently Asked Questions

This Form 8-K filing announces the completion of a public offering of depositary shares representing preferred stock, detailing the number of shares, the net proceeds raised, and the key agreements involved.

State Street raised approximately $741.8 million in net proceeds from the sale of these depositary shares, after accounting for underwriting fees and expenses.

State Street issued depositary shares, each representing a fractional ownership interest in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D.

Issuing preferred stock is a way for financial institutions to strengthen their capital base, which is crucial for meeting regulatory requirements and supporting business growth without diluting existing common shareholder equity as significantly as issuing common stock might.