BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced its successful
remarketing of $500,100,000 aggregate principal amount of 4.956% Junior
Subordinated Debentures due 2018 (the “Remarketed Notes”). The
Remarketed Notes were originally issued as 6.001% Junior Subordinated
Debentures due 2042 (the “Original Junior Notes”) to State Street
Capital Trust III, a Delaware statutory trust (the “Trust”), in
connection with the offering of the Trust’s 8.250% Fixed-to-Floating
Rate Normal Automatic Preferred Enhanced Capital Securities (the “Normal
APEX”), liquidation amount $1,000 per security, in January 2008.
The Remarketed Notes will mature on March 15, 2018. The remarketing is
expected to settle on February 11, 2011. The net proceeds from the
remarketing will be used to purchase Treasury securities, maturing March
10, 2011, the proceeds of which will be used by the Trust on March 15,
2011 in order to make a final distribution to holders of the Normal APEX
in respect of the Original Junior Notes and to satisfy the obligations
of the Trust under stock purchase contracts, pursuant to which the Trust
is obligated to purchase, and State Street Corporation is obligated to
sell, a total of 5,001 shares of State Street’s Non-Cumulative Perpetual
Preferred Stock, Series A, $100,000 liquidation amount per share.
Goldman, Sachs & Co. acted as remarketing agent, sole book-runner and
underwriter in connection with the remarketing of the Original Junior
Notes.
State Street has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission for the offering to which
this communication relates. Prospective investors 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. These
documents can be accessed at no charge by visiting EDGAR on the SEC web
site at www.sec.gov.
Alternatively, State Street, the underwriter or any dealer participating
in this offering will arrange to send you the prospectus upon request by
contacting Goldman, Sachs & Co., Attention: Prospectus Department, 200
West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile:
(212) 902-9316, email: prospectus-ny@ny.email.gs.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.
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