Summary
State Street Corporation (STT), through its subsidiary State Street Bank and Trust Company, announced on February 17, 2015, the redemption of its $900 million in Extendible Senior Unsecured Floating Rate Notes initially due 2014. The redemption is scheduled to take place on February 26, 2015, with payment of the principal amount plus any accrued and unpaid interest up to that date. This action signifies the repayment of a significant debt obligation by State Street. Investors holding these specific notes will receive their principal back along with any interest owed. For the broader investor base of State Street Corporation, this event indicates a deleveraging action, potentially strengthening the company's balance sheet and improving its financial flexibility.
Key Highlights
- 1State Street Bank and Trust Company is redeeming $900 million of its outstanding senior unsecured floating rate notes.
- 2The redemption date is set for February 26, 2015.
- 3The notes were initially due in 2014, indicating the redemption is for maturing or extended debt.
- 4The redemption will include the full principal amount plus any accrued and unpaid interest.
- 5This is an action taken by a direct, wholly owned subsidiary of State Street Corporation.