BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced the pricing of its
previously announced offering of $2.0 billion, or 51.3 million shares,
of its common stock. State Street has also granted the underwriters an
option to purchase up to 7.7 million additional shares of common stock.
The offering is being conducted as a public offering registered under
the Securities Act of 1933, as amended.
The offering was priced at $39.00 per share. State Street estimates that
the net proceeds from the offering will be approximately $1.9 billion,
after deducting estimated expenses and underwriting discounts and
commissions (or approximately $2.2 billion, if the underwriters exercise
in full their option to purchase additional shares). Subject to
consultation with its banking regulators, State Street plans to notify
the US Treasury of its intention to repurchase the US Treasury's
preferred stock and common stock purchase warrant investment in State
Street under the TARP Capital Purchase Program. If permitted to do so,
the company expects to repurchase the preferred stock and warrant with
the proceeds of this offering and a proposed offering of senior notes,
not guaranteed under the Federal Deposit Insurance Corporation's
Temporary Liquidity Guarantee Program. State Street intends to use
offering proceeds not used for this repurchase for general corporate
purposes.
Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated are joint
book-running managers for the offering.
State Street has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission for the offering to which
this communication relates. Before you invest, you should read the
prospectus in the registration statement (and the supplement thereto)
and other documents State Street has filed with the SEC for more
complete information about State Street and this offering. You may get
these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, State Street, any underwriter or any dealer participating
in this offering will arrange to send you the prospectus if you request
it by contacting Goldman, Sachs & Co., Attention: Prospectus Department,
85 Broad Street, New York, NY 10004, telephone: (866) 471-2526,
facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com;
or Morgan Stanley & Co. Incorporated, Attention: Prospectus Department,
180 Varick Street, 2nd Floor, New York, NY 10014, telephone:
(866) 718-1649, email: prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or solicitation
of an offer to buy, nor shall there be any sale of, these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
State Street Corporation (NYSE: STT) is the world's leading provider of
financial services to institutional investors including investment
servicing, investment management and investment research and trading.
Source: State Street Corporation
Contact: State Street Corporation
Edward J. Resch, +1 617-664-1110
or
Investors:
Kelley MacDonald, +1 617-664-3477
or
Media:
Hannah Grove, +1 617-664-3377