BOSTON–(BUSINESS WIRE)–State Street Corporation (“State Street”) (NYSE: STT) today announced that it has priced a $750,000,000 offering in aggregate principal amount of 2.825% Prime Debt fixed/floating rate senior notes due 2023 (the “2023 Bonds”), $500,000,000 2.901% fixed/floating rate senior notes due 2026 (the “2026 Bonds”) and $500,000,000 3.152% fixed/floating rate senior bonds due 2031 (the “2031 Bonds” and, together with the 2023 Bonds and the 2026 Bonds, the “Bonds”).
The 2023 notes will bear interest at a fixed annual rate of 2.825% from the date of initial issue until March 30, 2022 excluded, payable semi-annually in arrears on March 30 and September 30 from September 30, 2020. From 30 March 2022 until the maturity date, the 2023 bonds will bear interest at a variable rate based on the SOFR plus a margin of 2.69% payable quarterly in arrears. The 2023 Bonds will mature on March 30, 2023.
The 2026 Bonds will bear interest at a fixed annual rate of 2.901% from the date of initial issue until March 30, 2025 excluded, payable semi-annually in arrears on March 30 and September 30 from September 30, 2020. From 30 March 2025 until the maturity date, the 2026 bonds will bear interest at a variable rate based on the SOFR plus a margin of 2.60% payable quarterly in arrears. The 2026 Bonds will mature on March 30, 2026.
The 2031 Bonds will bear interest at a fixed annual rate of 3.152% from the date of initial issue until March 30, 2030 excluded, payable semi-annually in arrears on March 30 and September 30 from September 30, 2020. From 30 March 2030 until the maturity date, the 2031 bonds will bear interest at a variable rate based on the SOFR plus a margin of 2.65% payable quarterly in arrears. The 2031 Bonds will mature on March 30, 2031.
The offering is expected to close on March 30, 2020, subject to customary closing conditions.
The Securities will be offered in the United States to qualified institutional purchasers pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S of the Securities Act.
The Notes have not been registered under the Securities Act and, unless so registered, they may not be offered or sold in the United States absent an applicable exemption from the registration requirements. . This notice is published pursuant to Rule 135c of the Securities Act.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Securities or any other securities, and there will be no offer to sell, solicitation of an offer to buy or sale of the Securities in any jurisdiction in which , or to any person to whom such offer, solicitation or sale is unlawful. Any offer of Notes will be made only by offering memorandum.
About State Street Corporation
State Street Corporation (NYSE: STT) is a leading global provider of financial services to institutional investors, including investment services, investment management, and investment research and trading. With $34.36 trillion in assets under custody and/or administration and $3.12 trillion* in assets under management as of December 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 people worldwide.
*Assets under management as of December 31, 2019 include approximately $45 billion of assets for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
This press release contains forward-looking statements that are not historical in nature. These statements constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as than modified. . Forward-looking statements involve risks and uncertainties that could cause the Company’s actual results to differ materially from those expressed in such statements. Factors that could cause such differences include: failure to sell or issue tickets, competitive factors, government regulations and general economic conditions, health epidemics, pandemics and similar epidemics, including the COVID-19 pandemic, and other risks and uncertainties described in State Street’s periodic reports filed with the United States Securities and Exchange Commission, including State’s most recent annual report on Form 10-K Street, as filed with the United States Securities and Exchange Commission. In some cases, you can identify these statements by forward-looking words, such as “anticipate”, “believe”, “may”, “estimate”, “expect”, “plan”, “intend”. , ‘looking ahead’, ‘may’, ‘plans’, ‘possible’, ‘potential’, ‘project’, ‘should’, ‘shall’ and similar words or expressions, the negative or plural of these words or expressions and any other comparable terminology. Actual results may differ materially from anticipated results. State Street does not undertake to update its forward-looking statements or any information contained in this press release, including to reflect future events or circumstances.