By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – State Street Corp. priced $1 billion of fixed-to-floating rate senior notes (A1/A /AA-) in two parts on Tuesday, according to FWP filings with the Securities and Exchange Commission.
The company sold $500 million of fixed-to-floating rate senior sustainability notes due Nov. 4, 2026 at par with a 5.751% coupon that resets to SOFR plus 135.3 basis points after three years. The spread priced at Treasuries plus 125 bps.
State Street also priced $500 million of fixed-to-floating rate senior notes due Nov. 4, 2028 at par with a 5.82% coupon that resets to SOFR plus 171.4 bps after five years. The spread priced at Treasuries plus 155 bps.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Academy Securities, Inc. are the bookrunners.
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.
State Street is a Boston-based financial holding company.
| Issuer: | State Street Corp.
|
| Amount: | $1 billion
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| Issue: | Fixed-to-floating rate senior notes
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| Bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Academy Securities, Inc.
|
| Co-managers: | CastleOak Securities, LP, R. Seelaus & Co., LLC and Samuel A. Ramirez & Co., Inc.
|
| Counsel to issuer: | Wilmer Cutler Pickering Hale and Dorr LLP
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| Counsel to underwriters: | Cravath, Swaine & Moore LLP
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Trade date: | Nov. 1
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| Settlement date: | Nov. 4
|
| Ratings: | Moody’s: A1
|
| S&P: A
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| Fitch: AA-
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| Distribution: | SEC registered
|
|
|
| 2026 sustainability notes
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| Amount: | $500 million
|
| Maturity: | Nov. 4, 2026
|
| Coupon: | 5.751% initial rate; resets to SOFR plus 135.3 bps after three years
|
| Price: | Par
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | At par starting Nov. 4, 2025
|
| Cusip: | 857477BX0
|
|
|
| 2028 notes
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| Amount: | $500 million
|
| Maturity: | Nov. 4, 2028
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| Coupon: | 5.82% initial rate; resets to SOFR plus 171.4 bps after five years
|
| Price: | Par
|
| Spread: | Treasuries plus 155 bps
|
| Call features: | At par starting Nov. 4, 2027
|
| Cusip: | 857477BY8
|
|
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