Summary
State Street Corporation (STT) has announced the successful completion of a public offering of 750,000 depositary shares representing an interest in its Series K Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock. The offering, which closed on February 6, 2025, is expected to generate approximately $743.1 million in net proceeds for the company after deducting underwriting discounts and expenses. This capital raise is a strategic move to strengthen State Street's financial position and support its ongoing operations and strategic initiatives.
Key Highlights
- 1State Street successfully sold 750,000 depositary shares of its Series K Preferred Stock.
- 2The offering is expected to yield approximately $743.1 million in net proceeds.
- 3The Series K Preferred Stock is a fixed-rate reset non-cumulative perpetual preferred stock.
- 4The offering was conducted through a public offering under a Form S-3 registration statement.
- 5BofA Securities, Inc. and Morgan Stanley & Co. LLC acted as underwriters.
- 6A deposit agreement has been established with Equiniti Trust Company, LLC as the depositary.
- 7The company received a legal opinion from Wilmer Cutler Pickering Hale and Dorr LLP regarding the issuance.