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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thursday, February 25, 2:10 AM

Slide #515. State Street Corporation Preferred Stock Offering

Company: State Street Corporation (NYSE:STT)
Underwriters: Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC
$Amount Offered: $500,000,000.00
Price Per Share: $25.00
Preferred Stock Offering Details: State Street Corporation announced the pricing of its previously announced offering of 20,000,000 depositary shares each representing a 1/4,000th ownership interest in a share of 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 aggregate dollar amount of the depositary shares offered is $500,000,000. The offering is being conducted pursuant to an effective registration statement under the Securities Act of 1933. The depositary shares will be offered to the public at a price of $25 per depositary share and with a dividend rate of 5.25% per annum on the liquidation preference of $100,000 per Series C share. State Street estimates that the net proceeds from the offering will be approximately $487.5 million, after deducting estimated expenses and underwriting discounts and commissions.

State Street is a financial holding company. Through its subsidiaries, Co. provides a range of financial products and services to institutional investors. Co.'s clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. Co.'s Investment Servicing line of business performs custody and related functions, such as providing institutional investors with clearing, settlement and payment services. Co.'s Investment Management line of business, through State Street Global Advisors, provides a range of investment management strategies and products for its clients.

Preferreds: STT.PRC, STT.PRD, STT.PRE, STT.PRG


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Name:  State Street Corp.
Website:  www.statestreet.com
Sector:  Banking & Savings
Number of ETFs Holding STT:  101 (see which ones)
Total Market Value Held by ETFs:  $3,512,013,341.22
Total Market Capitalization:  $25,870,000,000
% of Market Cap. Held by ETFs:  13.58%
 

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