Summary
State Street Corporation (STT) has announced the full redemption of its $1,000,000,000 aggregate principal amount of 2.354% Fixed-to-Floating Rate Senior Notes due 2025. This redemption is scheduled to occur on November 1, 2024, and will be executed at a price equal to 100% of the principal amount plus any accrued and unpaid interest up to, but not including, the redemption date. This proactive move signals State Street's strong liquidity position, as the company intends to fund the entire redemption amount using existing cash on hand. Investors holding these specific senior notes should be aware that interest will cease to accrue on the notes after November 1, 2024. The company is fulfilling its debt obligations, which is generally viewed positively by the market as it can improve the balance sheet's leverage profile.
Key Highlights
- 1State Street Corporation (STT) is redeeming all $1 billion of its 2.354% Fixed-to-Floating Rate Senior Notes due 2025.
- 2The redemption date is set for November 1, 2024.
- 3The redemption price will be 100% of the principal amount, plus accrued and unpaid interest.
- 4State Street plans to fund the redemption entirely with cash on hand, indicating strong liquidity.
- 5Interest on the Notes will cease to accrue on and after November 1, 2024.