8-KOther EventsExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (May 21, 2015)

Filed May 21, 2015For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on May 21, 2015, to report on the completion of a public offering of depositary shares. These shares represent a significant interest in the company's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, with each depositary share corresponding to a fraction of a preferred stock share and having a liquidation preference of $1,000. The offering successfully raised approximately $741.8 million in net proceeds after accounting for underwriting discounts and expenses. This capital infusion is a key event for investors, as it provides State Street with additional financial resources, potentially for general corporate purposes, strengthening its capital base, or funding future growth initiatives. The details of the offering, including the underwriting and deposit agreements, are publicly available.

Key Highlights

  • 1State Street Corporation completed a public offering of 750,000 depositary shares on May 21, 2015.
  • 2Each depositary share represents a 1/100th ownership interest in a share of Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
  • 3The preferred stock has a liquidation preference of $100,000 per share, making each depositary share valued at $1,000.
  • 4The offering generated net proceeds of approximately $741.8 million for State Street after expenses and underwriting fees.
  • 5The issuance was conducted under a registration statement on Form S-3 and utilized a prospectus supplement.
  • 6The company entered into a Deposit Agreement with American Stock Transfer & Trust Company, LLC as the depositary.
  • 7Key agreements, including the Underwriting Agreement and Deposit Agreement, are publicly filed as exhibits to this report.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the completion of State Street Corporation's public offering and sale of 750,000 depositary shares, detailing the net proceeds raised and the associated agreements.

State Street Corporation raised approximately $741.8 million in net proceeds from the offering after deducting underwriting discounts, commissions, and other expenses.

Depositary shares are securities representing ownership of a fraction of a share of a foreign or preferred stock. In this case, each depositary share represents a 1/100th interest in a share of State Street's Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.

This indicates a type of preferred stock that initially pays a fixed dividend rate but can convert to a floating rate, is perpetual (no maturity date), and is non-cumulative, meaning missed dividend payments are not accumulated and must be paid before common stock dividends.