State Street to price fixed-to-floating senior notes in two tranches

By Marisa Wong

Los Angeles, Jan. 23 – State Street Corp. plans to price fixed-to-floating rate senior notes in two tranches due 2026 and 2034, according to a 424B5 filing with the Securities and Exchange Commission.

The 2026 notes will bear interest at a fixed rate until 2025 and then at a floating rate based on SOFR until maturity. The 2034 notes will have a fixed coupon until 2033 and then a coupon based on SOFR until maturity.

The notes will be callable in whole at par one year before their respective maturities.

Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and Siebert Williams Shank & Co., LLC are the bookrunners.

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

Wilmer Cutler Pickering Hale and Dorr LLP will act as counsel to the issuer. Cravath, Swaine & Moore LLP is counsel to the underwriters.

Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, investments in or loans to the company’s 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.