Summary
State Street Corporation (STT) has announced the redemption of its 4.857% Fixed-to-Floating Rate Senior Notes due 2026 (the "January Notes") and its 1.746% Fixed-to-Floating Rate Senior Notes due 2026 (the "February Notes"). The January Notes, with an aggregate principal amount of $500 million, will be redeemed on January 27, 2025, at 100% of their principal plus accrued interest. The February Notes, totaling $300 million in principal, will be redeemed on February 6, 2025, also at 100% of their principal plus accrued interest. This action indicates a proactive approach by State Street to manage its debt obligations. The company intends to use existing cash reserves to fund these redemptions, suggesting a solid liquidity position. Investors holding these specific notes should be aware of the redemption dates and terms, as interest will cease to accrue on the notes after their respective redemption dates.
Key Highlights
- 1State Street Corporation is redeeming its $500 million aggregate principal amount of 4.857% Senior Notes due 2026 on January 27, 2025.
- 2The company is also redeeming its $300 million aggregate principal amount of 1.746% Senior Notes due 2026 on February 6, 2025.
- 3Both note issuances will be redeemed at par (100% of the principal amount) plus accrued and unpaid interest.
- 4Interest on these notes will cease to accrue from their respective redemption dates.
- 5State Street intends to fund these redemptions using cash on hand.
- 6The company is managing its debt structure by retiring these specific senior notes.