State Street to issue 1.5M depositary shares of Series I non-cumulative preferred stock, net proceeds ~$1.48B

STATE STREET CORP

Offering of 1,500,000 depositary shares at $1,000 each, representing 1/100th interest in Series I Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock.
Net proceeds of approximately $1.481 billion after underwriting discount and expenses.
Underwriting agreement with BofA Securities, Deutsche Bank Securities, and Goldman Sachs as representatives.
Articles of Amendment filed with Massachusetts Secretary of State on Jan 30, 2024, fixing designations of new Series I preferred stock.
Deposit agreement with Equiniti Trust Company as depositary for the depositary shares.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

STATE STREET CORP: Amended Articles of Organization to fix designations of new Series I Preferred Stock (effective 2024-01-30).

Change: charter amendment
Effective: 2024-01-30

Exact text from the filing

On January 30, 2024, State Street Corporation (“State Street”) filed Articles of Amendment with the Secretary of the Commonwealth of the Commonwealth of Massachusetts for the purpose of amending its Articles of Organization to fix the designations, preferences, limitations and relative rights of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, without par value per share, with a liquidation preference of $100,000 per share (the “Preferred Stock”).

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STATE STREET CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-019477

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