By Andrea Heisinger
New York, May 19 - State Street Corp. priced $500 million 4.3% five-year senior notes without the backing of the Federal Deposit Insurance Corp. on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The non-callable notes (A1/A+/) priced at 99.905 to yield 4.321%, or Treasuries plus 220 basis points.
The deal was done concurrently with the sale of common stock.
Bookrunners were Goldman Sachs & Co. and Morgan Stanley & Co. Inc.
Co-managers were Banc of America Securities LLC, Credit Suisse Securities and UBS Investment Bank. Junior co-managers were Muriel Siebert & Co. and Williams Capital Group LP.
Proceeds will be used to repurchase preferred and common stock warrants issued to the U.S. Department of the Treasury under the TARP Capital Purchase Program.
The financial services holding company is based in Boston.
| Issuer: | State Street Corp.
|
| Issue: | Senior notes, non-FDIC
|
| Amount: | $500 million
|
| Maturity: | May 30, 2014
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Co-managers: | Banc of America Securities LLC, Credit Suisse Securities, UBS Investment Bank
|
| Junior co-managers: | Muriel Siebert & Co., Williams Capital Group LP
|
| Coupon: | 4.3%
|
| Price: | 99.905
|
| Yield: | 4.321%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Non-callable
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
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