Summary
State Street Corporation (STT) has announced the early redemption of its $750 million aggregate principal amount of 2.825% Fixed-to-Floating Rate Senior Notes due 2023. This redemption is scheduled to occur on March 30, 2022, at which point the notes will be retired. Investors holding these specific notes will receive the full principal amount along with any accrued and unpaid interest up to the redemption date. This action signals a proactive approach by State Street to manage its debt obligations, potentially optimizing its capital structure.
Key Highlights
- 1State Street Corporation is redeeming all $750 million of its 2.825% Fixed-to-Floating Rate Senior Notes due 2023.
- 2The redemption date is set for March 30, 2022.
- 3The redemption price will be 100% of the principal amount plus accrued and unpaid interest.
- 4The company intends to fund the redemption using existing cash on hand.
- 5This action is being disclosed under Regulation FD, ensuring timely and broad dissemination of material information.
- 6The redemption suggests a potential deleveraging or refinancing strategy by State Street.