State Street Corp Issues Preferred Stock Depositary Shares
Ticker: STT-PG · Form: 8-K · Filed: Oct 22, 2024 · CIK: 93751
| Field | Detail |
|---|---|
| Company | State Street Corp (STT-PG) |
| Form Type | 8-K |
| Filed Date | Oct 22, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1, $1,200,000,000, $300,000,000, $800,000,000, $2.290 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, capital-structure, issuance
Related Tickers: STT
TL;DR
STT dropped new preferred stock, Series G, representing fractional ownership.
AI Summary
On October 17, 2024, State Street Corporation filed an 8-K report detailing the issuance of depositary shares. Each depositary share represents a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G.
Why It Matters
This filing indicates State Street Corporation is issuing new preferred stock, which can impact its capital structure and financial leverage.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of preferred stock issuance and does not indicate immediate financial distress or significant operational changes.
Key Players & Entities
- State Street Corporation (company) — Registrant
- October 17, 2024 (date) — Date of Earliest Event Reported
- Series G (stock_series) — Preferred Stock Series
FAQ
What is the specific par value or liquidation preference of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G?
The filing does not specify the par value or liquidation preference of the preferred stock in this 8-K report.
What is the purpose of issuing these depositary shares?
The filing does not explicitly state the purpose for issuing these depositary shares.
When will the dividend rate for the Series G preferred stock begin to float?
The filing states the stock is 'Fixed-to-Floating Rate' but does not specify the exact date or conditions for the transition to a floating rate.
Are there any specific terms or conditions associated with the non-cumulative nature of the preferred stock?
While the filing mentions the stock is non-cumulative, it does not detail the implications of this feature beyond the standard definition (dividends not carried forward if not declared).
What is the ticker symbol for the depositary shares being issued?
The filing does not mention a specific ticker symbol for the depositary shares.
Filing Stats: 989 words · 4 min read · ~3 pages · Grade level 10.4 · Accepted 2024-10-22 16:11:02
Key Financial Figures
- $1 — nge on which registered Common stock, $1 par value per share STT New York St
- $1,200,000,000 — eet Corporation ("State Street") issued $1,200,000,000 aggregate principal amount of 4.330% Se
- $300,000,000 — otes due 2027 (the "Fixed Rate Notes"), $300,000,000 aggregate principal amount of Floating
- $800,000,000 — ue 2027 (the "Floating Rate Notes") and $800,000,000 aggregate principal amount of Fixed-to-
- $2.290 b — offering of the Notes of approximately $2.290 billion, after deducting the underwriting
Filing Documents
- d849633d8k.htm (8-K) — 33KB
- d849633dex11.htm (EX-1.1) — 143KB
- d849633dex41.htm (EX-4.1) — 22KB
- d849633dex42.htm (EX-4.2) — 44KB
- d849633dex43.htm (EX-4.3) — 47KB
- d849633dex51.htm (EX-5.1) — 14KB
- g849633dsp61.jpg (GRAPHIC) — 3KB
- g849633dsp61b.jpg (GRAPHIC) — 12KB
- g849633g1022032004037.jpg (GRAPHIC) — 5KB
- 0001193125-24-241055.txt ( ) — 561KB
- stt-20241017.xsd (EX-101.SCH) — 4KB
- stt-20241017_def.xml (EX-101.DEF) — 13KB
- stt-20241017_lab.xml (EX-101.LAB) — 21KB
- stt-20241017_pre.xml (EX-101.PRE) — 14KB
- d849633d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 1.1 Underwriting Agreement, dated October 17, 2024, by and among State Street Corporation and BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Siebert Williams Shank & Co., LLC, as representatives of the several underwriters named therein 4.1 Form of 4.330% Senior Note due 2027 4.2 Form of Floating Rate Senior Note due 2027 4.3 Form of Fixed-to-Floating Rate Senior Note due 2032 5.1 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, dated October 22, 2024 23.1 Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included as part of Exhibit 5.1) *104 Cover Page Interactive Data File (formatted as Inline XBRL) * Submitted electronically herewith
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ Elizabeth M. Schaefer Name: Elizabeth M. Schaefer Title: Senior Vice President and Chief Accounting Officer Date: October 22, 2024