State Street Corporation (STT, Financial) has successfully issued $2.3 billion in senior notes, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). The offering includes $1.2 billion of 4.330% Senior Notes due 2027, $300 million of Floating Rate Senior Notes due 2027, and $800 million of Fixed-to-Floating Rate Senior Notes due 2032. This strategic move is part of State Street's ongoing efforts to optimize its capital structure and enhance financial flexibility.
The notes were issued under an existing registration statement on Form S-3, with the transaction facilitated by an underwriting agreement dated October 17, 2024. The underwriters for this offering included BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, and Siebert Williams Shank & Co., LLC.
State Street anticipates net proceeds of approximately $2.290 billion from this offering, after accounting for underwriting discounts and estimated offering expenses. The funds raised are expected to support the company's strategic initiatives and general corporate purposes.
Legal counsel for the transaction was provided by Wilmer Cutler Pickering Hale and Dorr LLP, which issued an opinion on the legality of the notes. This issuance underscores State Street's commitment to maintaining a robust financial position while navigating the evolving economic landscape.
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