Summary
State Street Corporation (STT) announced that its wholly-owned subsidiary, State Street Bank and Trust Company, successfully issued $2.25 billion in aggregate principal amount of senior notes. This issuance includes $300 million in Floating Rate Senior Notes due 2026, $1.15 billion in 4.594% Senior Notes due 2026, and $800 million in 4.782% Senior Notes due 2029. The notes were issued under an exemption from registration and the proceeds are expected to be approximately $2.241 billion after deducting expenses and discounts. This debt issuance provides State Street Bank with additional capital and diversifies its funding sources. Investors should note that the proceeds are not designated for a specific purpose beyond general corporate uses and strengthening the bank's financial position. The details of the issuance, including the terms of the notes and the fiscal agency agreement, have been filed as exhibits.
Key Highlights
- 1State Street Bank and Trust Company issued $2.25 billion in aggregate principal amount of senior notes.
- 2The issuance comprises three tranches: $300 million Floating Rate Senior Notes due 2026, $1.15 billion 4.594% Senior Notes due 2026, and $800 million 4.782% Senior Notes due 2029.
- 3The offering was conducted as an exempt transaction under Section 3(a)(2) of the Securities Act of 1933.
- 4State Street Bank expects to receive net proceeds of approximately $2.241 billion from the offering.
- 5The company entered into a fiscal agency agreement with U.S. Bank Trust Company, National Association.
- 6The notes were sold pursuant to a purchase agreement with a syndicate of initial purchasers, including Morgan Stanley & Co. LLC, Academy Securities, Inc., Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC.
- 7The filing includes detailed exhibits such as the Fiscal Agency Agreement and forms of the issued notes.