State Street to sell fixed-to-floaters due 2026, 2028; one part sustainable

By Mary-Katherine Stinson

Lexington, Ky., Nov. 1 – State Street Corp. will offer fixed-to-floating rate senior sustainability notes due 2026 and fixed-to-floating rate senior notes due 2028, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will bear interest at a fixed rate and then at a floating rate based on SOFR plus a margin during the last year of each of the notes.

There is a par call option in 2025 for the 2026 sustainability notes and in 2027 for the 2028 notes.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners and sustainability bond structuring advisers. Goldman Sachs & Co. LLC and Academy Securities, Inc. also join as joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Wilmer Cutler Pickering Hale and Dorr LLP is counsel for State Street.

Cravath, Swaine & Moore LLP is counsel to the underwriters.

Proceeds of the 2026 sustainability notes will be used to finance or refinance eligible projects that meet the criteria of the company’s green bond framework in the areas of eligible green projects and social projects.

Proceeds of the 2028 notes will be used for general corporate purposes which may include working capital, capital expenditures, investments in or loans to subsidiaries, refinancing of outstanding debt, refinancing of outstanding capital securities, share repurchases, dividends, funding potential future acquisitions and satisfaction of other obligations.

The asset management company is based in Boston.

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