What was the purpose of the tender offer announced by State Street?

The purpose of the tender offer was for State Street Bank and Trust Company to repurchase any and all of State Street's $800 million aggregate principal amount of outstanding Floating Rate Junior Subordinated Debentures due 2047.

What conditions had to be met for the tender offer to proceed?

The tender offer was conditioned on the termination of State Street's replacement capital covenant (RCC) dated April 30, 2007, as amended. This termination occurred automatically on November 20, 2019.

What specific actions led to the termination of the replacement capital covenant?

The replacement capital covenant terminated automatically due to the settlement of a partial redemption of certain Series A debentures due May 15, 2028, and the redesignation of State Street's 2.650% Senior Notes due 2026 as covered debt for the purposes of the RCC.

Where can investors find more detailed information about the tender offer results?

More detailed information can be found in the press release issued by State Street Corporation on November 21, 2019, which is attached as Exhibit 99.1 to this Form 8-K filing.

STT/STT-PG 8-K SEC Disclosure

Summary

State Street Corporation (STT) announced the final results of a cash tender offer for its Floating Rate Junior Subordinated Debentures due 2047. The tender offer was contingent upon the termination of a replacement capital covenant (RCC) originally dated April 30, 2007, and amended in May 2016. This covenant automatically terminated on November 20, 2019, following specific redemption and redesignation actions taken by the company related to other debt instruments.

Key Highlights

1State Street Corporation successfully completed a tender offer for its $800 million aggregate principal amount of Floating Rate Junior Subordinated Debentures due 2047.
2The tender offer was contingent on the termination of a Replacement Capital Covenant (RCC) dated April 30, 2007, as amended.
3The RCC automatically terminated on November 20, 2019, enabling the completion of the tender offer.
4The termination of the RCC followed the settlement of a partial redemption of Floating Rate Subordinated Deferrable Interest Debentures, Series A, due May 15, 2028.
5The redesignation of Senior Notes due 2026 as covered debt also contributed to the RCC termination condition.
6A press release dated November 21, 2019, details the final tender offer results.

STATE STREET CORP 8-K Report, Corporate Update (Nov 21, 2019)

Summary

Key Highlights

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