Summary
State Street Corporation (STT) filed an 8-K on November 25, 2014, to report the successful completion of a public offering of 30,000,000 depositary shares. These shares represent ownership in Series E Non-Cumulative Perpetual Preferred Stock, with each depositary share equivalent to $25. The offering generated approximately $727.8 million in net proceeds for State Street after accounting for expenses and underwriting fees. The company engaged a syndicate of underwriters, including Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, and Wells Fargo Securities, LLC, to facilitate the sale. The issuance was conducted under a registration statement and prospectus supplement filed with the SEC. This event represents a significant capital raise for State Street, likely intended for general corporate purposes or to bolster its capital position.
Key Highlights
- 1State Street Corporation completed a public offering of 30,000,000 depositary shares on November 25, 2014.
- 2The depositary shares represent interests in Series E Non-Cumulative Perpetual Preferred Stock.
- 3Each depositary share has a liquidation preference of $25.
- 4The offering generated net proceeds of approximately $727.8 million for State Street.
- 5The offering was underwritten by a group of major financial institutions including Morgan Stanley, Merrill Lynch, UBS, and Wells Fargo Securities.
- 6The issuance was made under a Form S-3 registration statement and associated prospectus supplements.
- 7A Deposit Agreement was entered into with American Stock Transfer & Trust Company, LLC as the depositary.