By Andrea Heisinger
New York, Feb. 3 - State Street Corp. remarketed $500.1 million of 4.956% junior subordinated debentures due 2018 late on Wednesday at a spread of Treasuries plus 195 basis points, according to a press release and an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A-) priced at 101.006 to yield 4.786%.
The notes are non-callable.
Goldman Sachs & Co. was remarketing agent.
According to the press release, the remarketed notes were originally issued as 6.001% junior subordinated debentures due 2042 to State Street Capital Trust III, in connection with the offering of the Trust's 8.25% fixed-to-floating-rate normal automatic preferred enhanced capital securities (the Normal APEX) in January 2008.
Proceeds are being used to purchase Treasury securities maturing March 10, 2011. The proceeds from that will be used to make a final distribution to holders of Normal APEX related to the original debentures and to purchase shares of preferred stock obligated under stock purchase contracts.
The financial holding company is based in Boston.
Issuer: | State Street Corp.
|
Issue: | Junior subordinated debentures
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Amount: | $500.1 million, remarketed
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Maturity: | March 15, 2018
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Agent: | Goldman Sachs & Co.
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Coupon: | 4.956%
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Price: | 101.006 (net of accrued interest), 103.44 (issue price)
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Yield: | 4.786%
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Spread: | Treasuries plus 195 bps
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Call: | Non-callable
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Trade date: | Feb. 2
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Settlement date: | Feb. 11
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Ratings: | Moody's: A3
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| Standard & Poor's: BBB+
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| Fitch: A-
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