State Street Corp Issues Preferred Stock Depositary Shares
Ticker: STT-PG · Form: 8-K · Filed: Feb 6, 2025 · CIK: 93751
| Field | Detail |
|---|---|
| Company | State Street Corp (STT-PG) |
| Form Type | 8-K |
| Filed Date | Feb 6, 2025 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1, $100,000, $1,000, $743.1 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, capital-structure, financing
Related Tickers: STT
TL;DR
STT dropped new preferred stock today, watch capital structure.
AI Summary
On February 6, 2025, 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 their 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 — This is a standard corporate action related to preferred stock issuance and does not inherently signal significant new risks.
Key Players & Entities
- State Street Corporation (company) — Registrant
- February 6, 2025 (date) — Date of Earliest Event Reported
- 1/4,000th (dollar_amount) — Ownership interest in preferred stock
- Series G (company) — Preferred Stock Series
FAQ
What is the specific par value or liquidation preference of the Series G Preferred Stock?
The filing does not specify the par value or liquidation preference of the Series G Preferred Stock.
What is the dividend rate for the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock?
The filing states the stock is 'Fixed-to-Floating Rate' but does not provide the specific initial fixed rate or the floating rate mechanism.
What is the total number of depositary shares being issued?
The filing does not specify the total number of depositary shares being issued.
What is the purpose of issuing these depositary shares?
The filing does not explicitly state the purpose for issuing these depositary shares.
Are there any redemption provisions associated with this preferred stock?
The filing mentions 'Perpetual Preferred Stock' which typically implies no maturity date, but specific redemption provisions are not detailed in this 8-K.
Filing Stats: 1,016 words · 4 min read · ~3 pages · Grade level 11.7 · Accepted 2025-02-06 16:06:05
Key Financial Figures
- $1 — nge on which registered Common stock, $1 par value per share STT New York St
- $100,000 — ock"), with a liquidation preference of $100,000 per share (equivalent to $1,000 per Dep
- $1,000 — ce of $100,000 per share (equivalent to $1,000 per Depositary Share) in a public offer
- $743.1 m — the Depositary Shares of approximately $743.1 million, after deducting the underwriting
Filing Documents
- d918578d8k.htm (8-K) — 35KB
- d918578dex43.htm (EX-4.3) — 178KB
- d918578dex51.htm (EX-5.1) — 17KB
- g918578g0204200050408.jpg (GRAPHIC) — 2KB
- g918578g0205102058366.jpg (GRAPHIC) — 2KB
- g918578page0040.jpg (GRAPHIC) — 11KB
- 0001193125-25-021776.txt ( ) — 446KB
- stt-20250206.xsd (EX-101.SCH) — 4KB
- stt-20250206_def.xml (EX-101.DEF) — 13KB
- stt-20250206_lab.xml (EX-101.LAB) — 21KB
- stt-20250206_pre.xml (EX-101.PRE) — 14KB
- d918578d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated January 30, 2025, by and among State Street Corporation and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named therein (filed as Exhibit 1.1 to State Street's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2025 and incorporated by reference herein). 4.1 Articles of Amendment of State Street Corporation with respect to the Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K, filed on January 31, 2025 (filed as Exhibit 4.1 to State Street's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2025 and incorporated by reference herein). 4.2 Form of certificate representing the Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K (filed as Exhibit 4.2 to State Street's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2025 and incorporated by reference herein). 4.3 Deposit Agreement, dated February 6, 2025, by and among State Street Corporation, Equiniti Trust Company, LLC (as depositary), and the holders from time to time of the depositary receipts. 5.1 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, dated February 6, 2025. 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: February 6, 2025