Intends to Use Net Proceeds to Redeem Outstanding Series A Preferred
Stock Held by State Street Capital Trust III; Triggering the Trust’s
Redemption of Outstanding 8.250% Fixed-to-Floating Rate Normal APEX (Subject
to Approval of Federal Reserve)
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced that it has
commenced an offering of depositary shares, each representing a
1/4,000th ownership interest in a share of State Street’s Non-Cumulative
Perpetual Preferred Stock, Series C, without par value per share, with a
liquidation preference of $100,000 per share (equivalent to $25 per
depositary share). The offering is being conducted pursuant to an
effective registration statement under the Securities Act of 1933.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, UBS Securities LLC, and Wells Fargo
Securities, LLC are joint book-running managers for this offering.
Subject to approval by the Federal Reserve, State Street intends to use
the net proceeds of the offering to redeem all of the outstanding shares
of State Street’s Non-Cumulative Perpetual Preferred Stock, Series A,
all of which are held by State Street Capital Trust III, at a cash
redemption price of $100,000 per share, together with an amount equal to
any dividends that have been declared but not paid prior to the
redemption date, on such redemption date as may be established by State
Street in accordance with the Certificate of Designation of the Series A
Preferred Stock. Upon the completion of the redemption of the Series A
Preferred Stock, State Street Capital Trust III will redeem all of State
Street’s outstanding 8.250% Fixed-to-Floating Rate Normal Automatic
Preferred Enhanced Capital Securities and all of the outstanding common
securities issued by State Street Capital Trust III. If State Street is
not permitted to redeem the Series A Preferred Stock by or if any of the
net proceeds remain following the redemption of the Series A Preferred
Stock, then State Street expects to use the net proceeds for general
corporate purposes.
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 that State Street has filed with the SEC for more
complete information about State Street Corporation and this offering.
These documents can be accessed at no charge by visiting the EDGAR
System on the SEC’s website at www.sec.gov.
Alternatively, a copy of the prospectus supplement relating to the
depositary shares can be obtained from Morgan Stanley & Co. LLC’s
prospectus department at 180 Varick Street, 2nd Floor, New York, NY
10014, e-mail: prospectus@morganstanley.com,
telephone: (866) 718-1649; from Goldman, Sachs & Co. at 200 West Street,
New York, NY 10282, Attention: Prospectus Department, telephone:
(866) 471-2526, e-mail: prospectus-ny@ny.email.gs.com;
from Merrill Lynch, Pierce, Fenner & Smith Incorporated at 222 Broadway,
7th Floor, New York, NY 10038, e-mail: dg.prospectus_requests@baml.com,
telephone: (800) 294-1322; from UBS Securities LLC at 299 Park Avenue,
New York, NY 10171, Attention: Prospectus Specialist, telephone:
(877) 827-6444, ext. 5613884; or from Wells Fargo Securities, LLC at
1525 West W. T. Harris Boulevard, NC0675, Charlotte, NC, Attention:
Capital Markets Capital Support, telephone: (800) 326-5897, e-mail: cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell or a
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
Edward J. Resch, +1 617-664-1110
or
Investors:
Kelley
MacDonald, +1 617-664-3477
or
Media:
Hannah Grove, +1
617-664-3377
Source: State Street Corporation