State Street Corporation Issues Bank Notes in Offering

State Street Corporation, a well-known financial services company, disclosed in an 8-K filing with the Securities and Exchange Commission that its subsidiary, State Street Bank and Trust Company, recently issued a significant amount of senior notes. Specifically, on November 25, 2024, the bank issued $300 million in Floating Rate Senior Notes due 2026, $1.15 billion in 4.594% Senior Notes due 2026, and $800 million in 4.782% Senior Notes due 2029. These notes were collectively referred to as the “Bank Notes.”

The issuance of these Bank Notes was conducted under an offering that was exempt from registration as per Section 3(a)(2) of the Securities Act of 1933. To formalize this issuance, State Street Bank entered into a fiscal agency agreement with U.S. Bank Trust Company, National Association, as the fiscal agent for the Bank Notes. The specifics of these Bank Notes and the Fiscal Agency Agreement can be found in the filed Exhibit 4.1.

The sale of the Bank Notes was executed in accordance with a Purchase Agreement dated November 20, 2024. The initial purchasers named in the agreement were Morgan Stanley & Co. LLC, Academy Securities, Inc., Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC. State Street Bank anticipates receiving net proceeds of approximately $2.241 billion from this offering after accounting for initial purchaser discounts and estimated offering expenses.

State Street Corporation also disclosed various related exhibits in the filing, such as the Fiscal Agency Agreement, along with the forms of the Floating Rate Senior Notes due 2026, 4.594% Senior Notes due 2026, and 4.782% Senior Notes due 2029.

Elizabeth M. Schaefer, the Senior Vice President and Chief Accounting Officer of State Street Corporation, signed the report on behalf of the company on November 25, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read State Street’s 8K filing here.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.