Summary
State Street Corporation (STT) filed an 8-K on May 19, 2016, to report the issuance of $1.5 billion in aggregate principal amount of senior notes. This offering comprised $750 million of 1.950% Senior Notes due 2021 and $750 million of 2.650% Senior Notes due 2026. The notes were issued under a registration statement on Form S-3 and an indenture dated October 31, 2014, with U.S. Bank National Association serving as trustee. State Street expects to receive approximately $1.49 billion in net proceeds from this offering after accounting for expenses, discounts, and commissions. The issuance was conducted through an underwriting agreement with a syndicate of prominent financial institutions, including Merrill Lynch, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley. The company also filed an opinion from its legal counsel, Wilmer Cutler Pickering Hale and Dorr LLP, confirming the legality of the issued notes.
Key Highlights
- 1State Street Corporation successfully issued $1.5 billion in aggregate principal amount of senior notes.
- 2The issuance includes two tranches: $750 million of 1.950% Senior Notes due 2021 and $750 million of 2.650% Senior Notes due 2026.
- 3Net proceeds from the offering are estimated to be approximately $1.49 billion.
- 4The offering was conducted under a Form S-3 registration statement and related prospectus supplement.
- 5The notes were issued pursuant to an indenture dated October 31, 2014, with U.S. Bank National Association as trustee.
- 6The underwriting syndicate included major investment banks such as Merrill Lynch, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley.