State Street Corporation Issues $1.2 Billion in Senior Notes

State Street Corporation (NYSE: STT) has announced that it recently issued a notable sum of senior notes. Specifically, on October 22, 2024, the corporation issued $1,200,000,000 aggregate principal amount of 4.330% Senior Notes due 2027 (Fixed Rate Notes), $300,000,000 aggregate principal amount of Floating Rate Senior Notes due 2027 (Floating Rate Notes), and $800,000,000 aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2032 (Fixed-to-Floating Rate Notes) in a public offering.

These notes were part of a public offering conducted under a registration statement on Form S-3 (File No. 333-265877) and a related prospectus supplement filed with the Securities and Exchange Commission (SEC). The Notes were officially issued under an Indenture dated as of October 31, 2014, as amended and supplemented by subsequent agreements.

State Street Corporation conducted this offering through an underwriting agreement dated October 17, 2024, involving key underwriters such as BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, and Siebert Williams Shank & Co., LLC, as representatives. The corporation expects to receive net proceeds of approximately $2.29 billion from this offering after accounting for underwriting discounts and estimated expenses.

Wilmer Cutler Pickering Hale and Dorr LLP, acting as State Street’s legal counsel, issued an opinion dated October 22, 2024, confirming the legality of the Notes to be issued and sold. This opinion, validating the offering, is an essential component of the transaction process.

In accordance with the disclosure requirements, the corporation filed necessary documentation related to the offering with the SEC. Exhibits accompanying the filing include the Underwriting Agreement, various forms of the issued notes, and the legal opinion issued by Wilmer Cutler Pickering Hale and Dorr LLP.

As of writing, State Street Corporation has not provided further details regarding the utilization of these funds or specific plans for the proceeds from the senior notes offering.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read State Street’s 8K filing here.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.