What was the primary purpose of this offering?

The primary purpose of this offering was to raise capital. State Street expects to receive net proceeds of approximately $743.1 million, which can be used to strengthen its capital base and support its business operations and strategic goals.

What are the key features of the Series K Preferred Stock?

The Series K Preferred Stock is a fixed-rate reset, non-cumulative, perpetual preferred stock with a liquidation preference of $100,000 per share. The depositary shares each represent a 1/100th ownership interest in a share of this preferred stock.

How does this offering impact State Street's financial health?

By raising approximately $743.1 million in net proceeds, this offering enhances State Street's capital structure, providing it with greater financial flexibility and reinforcing its balance sheet. This can support its regulatory capital requirements and future growth opportunities.

Who were the key parties involved in this transaction?

The key parties involved include State Street Corporation (the issuer), BofA Securities, Inc. and Morgan Stanley & Co. LLC (the underwriters), Equiniti Trust Company, LLC (the depositary), and Wilmer Cutler Pickering Hale and Dorr LLP (legal counsel).

STT/STT-PG 8-K SEC Disclosure

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

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^a 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.

02—Key points

Key Highlights

State Street successfully sold 750,000 depositary shares of its Series K Preferred Stock.
The offering is expected to yield approximately $743.1 million in net proceeds.
The Series K Preferred Stock is a fixed-rate reset non-cumulative perpetual preferred stock.
The offering was conducted through a public offering under a Form S-3 registration statement.
BofA Securities, Inc. and Morgan Stanley & Co. LLC acted as underwriters.
A deposit agreement has been established with Equiniti Trust Company, LLC as the depositary.
The company received a legal opinion from Wilmer Cutler Pickering Hale and Dorr LLP regarding the issuance.

03—Questions

Frequently Asked Questions

What was the primary purpose of this offering?
The primary purpose of this offering was to raise capital. State Street expects to receive net proceeds of approximately $743.1 million, which can be used to strengthen its capital base and support its business operations and strategic goals.
What are the key features of the Series K Preferred Stock?
The Series K Preferred Stock is a fixed-rate reset, non-cumulative, perpetual preferred stock with a liquidation preference of $100,000 per share. The depositary shares each represent a 1/100th ownership interest in a share of this preferred stock.
How does this offering impact State Street's financial health?
By raising approximately $743.1 million in net proceeds, this offering enhances State Street's capital structure, providing it with greater financial flexibility and reinforcing its balance sheet. This can support its regulatory capital requirements and future growth opportunities.
Who were the key parties involved in this transaction?
The key parties involved include State Street Corporation (the issuer), BofA Securities, Inc. and Morgan Stanley & Co. LLC (the underwriters), Equiniti Trust Company, LLC (the depositary), and Wilmer Cutler Pickering Hale and Dorr LLP (legal counsel).

04—Continue

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