State Street Corp. announced that it has priced an offering of $750 million aggregate principal amount of 2.825 percent Fixed-to-Floating Rate Senior Notes due 2023, $500 million aggregate principal amount of 2.901 percent Fixed-to-Floating Rate Senior Notes due 2026 and $500 million aggregate principal amount of 3.152 percent Fixed-to-Floating Rate Senior Notes due 2031.
The 2023 Notes will bear interest at a fixed rate per annum of 2.82 percent from and including the date of original issuance to but excluding March 30, 2022 payable semiannually in arrears on March 30 and September 30 beginning September 30, 2020. Unless redeemed, from March 30, 2022 until the maturity date, the 2023 notes will bear interest at a floating rate based on SOFR plus a margin of 2.69 percent payable quarterly in arrears.
The 2026 Notes will bear interest at a fixed rate per annum of 2.901 percent from and including the date of original issuance to but excluding March 2025 payable semiannually in arrears on March 30 and September 30 beginning September 2020. Unless redeemed, from March 2025 until the maturity date, the 2026 notes will bear interest at a floating rate based on SOFR plus a margin of 2.60 percent payable quarterly in arrears.
The 2031 Notes will bear interest at a fixed rate per annum of 3.152% from and including the date of original issuance to but excluding March 30, 2030 payable semiannually in arrears on March 30 and September 30 beginning September 30, 2020. Unless redeemed, from March 30, 2030 until the maturity date, the 2031 notes will bear interest at a floating rate based on SOFR plus a margin of 2.65% payable quarterly in arrears.
The offering is expected to close on March 30, 2020, subject to customary closing conditions.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $34.36 trillion in assets under custody and/or administration and $3.12 trillion* in assets under management as of December 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide.
