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STATE STREET CORP 8-K Report, Rights Modification (Jan 30, 2024)

Reports
Shareholder Matters·Corporate Changes·Other Events+1
Filing Date
Filed January 30, 2024
Period End
January 24, 2024
Securities
STTSTT-PG
In the record · 2016–202610-K1210-Q328-K196

STT filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 196 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed January 30, 2024. Cited figures are marked; the original filing is the authoritative source.

State Street Corporation (STT) has filed an 8-K detailing an underwritten public offering of 1,500,000 depositary shares.

Each depositary share represents a 1/100th ownership interest in a newly created series of Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I. The offering, priced at $1,000a per depositary share, is expected to generate approximately $1.481 billion in net proceeds for State Street after deducting underwriting discounts and expenses. This issuance is a strategic move by State Street to bolster its capital position.

The newly created Preferred Stock, Series I, has a liquidation preference of $100,000b per share. The company has entered into an underwriting agreement with BofA Securities, Inc., Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC, acting as representatives for the underwriters. This filing also incorporates amendments to State Street's Articles of Organization to establish the terms of this preferred stock.

02—Key points

Key Highlights

  1. State Street is conducting an underwritten public offering of 1,500,000 depositary shares.
  2. Each depositary share represents a 1/100th interest in newly issued Preferred Stock, Series I.
  3. The offering is expected to raise approximately $1.481 billion in net proceeds.
  4. The net proceeds will be used to strengthen State Street's capital.
  5. The new Preferred Stock, Series I, is fixed rate reset, non-cumulative, and perpetual with a $100,000 liquidation preference per share.
  6. The offering is priced at $1,000 per depositary share.
  7. Key underwriters include BofA Securities, Deutsche Bank Securities, and Goldman Sachs.

03—Questions

Frequently Asked Questions

  1. What is the primary purpose of this 8-K filing?

    This 8-K filing primarily announces and provides details regarding State Street Corporation's underwritten public offering of 1,500,000 depositary shares, representing an interest in its newly established Preferred Stock, Series I, and the expected net proceeds from this issuance.

  2. How much capital does State Street expect to raise from this offering?

    State Street expects to receive net proceeds of approximately $1.481 billion from the offering, after accounting for underwriting discounts and estimated offering expenses.

  3. What are the key characteristics of the new Preferred Stock, Series I?

    The Preferred Stock, Series I, is described as fixed rate reset, non-cumulative, and perpetual. Each share has a liquidation preference of $100,000. The depositary shares offered represent a fractional ownership interest in this preferred stock.

  4. Who are the lead underwriters for this offering?

    The lead underwriters, acting as representatives of the underwriters, are BofA Securities, Inc., Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC.

04—Continue

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