By William Gullotti and Cristal Cody
Buffalo, N.Y., May 11 – State Street Corp. priced $500 million of fixed-to-floating rate senior notes due 2033 (A1/A/AA-) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes were priced at Treasuries plus 143 basis points, tighter than talk from a market source in the 170 bps area.
The rate will be fixed at 4.421% for the first 10 years. In the final year, the rate will be SOFR plus 160.5 bps.
The notes are optionally redeemable on May 13, 2032, the interest rate reset date, at par plus unpaid interest.
Morgan Stanley & Co. LLC, Lloyds Securities Inc., R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC are the joint bookrunning managers of the deal.
State Street is a Boston-based financial holding company.
| Issuer: | State Street Corp.
|
| Amount: | $500 million
|
| Issue: | Fixed-to-floating rate senior notes
|
| Maturity: | May 13, 2033
|
| Bookrunners: | Morgan Stanley & Co. LLC, Lloyds Securities Inc., R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC
|
| Co-managers: | MFR Securities, Inc., Stern Brothers & Co. and Tigress Financial Partners LLC
|
| Coupon: | 4.421% until May 13, 2032, then SOFR plus 160.5 bps
|
| Price: | Par
|
| Spread: | Treasuries plus 143 bps
|
| Call: | On May 13, 2032 at par plus unpaid interest
|
| Trade date: | May 10
|
| Settlement date: | May 13
|
| Expected ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 170 bps area
|
| Cusip: | 857477BU6
|
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