State Street issues 750,000 depositary shares at $1,000 each, net proceeds ~$743M

STATE STREET CORP

Offering of Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K; liquidation preference $100,000/share.
Net proceeds of approximately $743.1 million after underwriting discount and offering expenses.
Underwriting agreement with BofA Securities and Morgan Stanley as representatives of the underwriters.
Each depositary share represents a 1/100th interest in one share of Series K preferred stock.
Articles of amendment filed to fix designations and preferences of the new Series K preferred stock.

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: Filed Articles of Amendment to fix designations, preferences, limitations and relative rights of Series K Preferred Stock (effective 2025-01-31).

Change: charter amendment
Effective: 2025-01-31

Exact text from the filing

On January 31, 2025, 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 K, 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 0001193125-25-020830

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