8-KOther EventsExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (Apr 11, 2016)

Filed April 11, 2016For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on April 11, 2016, reporting the issuance and sale of 20,000,000 depositary shares. These shares represent ownership interests in Series G Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share). The offering was conducted under a registration statement and a related prospectus. The company raised approximately $493.9 million in net proceeds from this offering after deducting underwriting discounts and commissions. The funds are intended to strengthen the company's capital position. Key agreements related to this transaction, including the Underwriting Agreement and the Deposit Agreement, were disclosed. Legal opinions regarding the issuance were also provided.

Key Highlights

  • 1State Street Corporation successfully completed a public offering of 20,000,000 depositary shares.
  • 2The depositary shares represent interests in Series G Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
  • 3The liquidation preference for the preferred stock is $100,000 per share, translating to $25 per depositary share.
  • 4Net proceeds of approximately $493.9 million were raised from the offering.
  • 5The offering was conducted under a Form S-3 registration statement and related prospectus.
  • 6Key agreements, including the Underwriting Agreement and Deposit Agreement, have been filed.
  • 7Legal opinions from Wilmer Cutler Pickering Hale and Dorr LLP confirm the legality of the issued depositary shares.

Frequently Asked Questions

The primary purpose of issuing these depositary shares was to raise capital and strengthen State Street Corporation's overall capital position.

State Street raised approximately $493.9 million in net proceeds from the sale of the depositary shares, after accounting for underwriting discounts and commissions.

A depositary share represents a fractional ownership interest in a share of preferred stock. In this case, each depositary share represents a 1/4,000th ownership interest in a share of State Street's Series G Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.

The Series G Preferred Stock has a liquidation preference of $100,000 per share, is fixed-to-floating rate, non-cumulative, and perpetual. Each depositary share corresponds to $25 of this liquidation preference.