State Street Bank and Trust Company Announces the Early Results of the Cash Tender Offer for Any and All of State Street Corporation’s Floating Rate Junior Subordinated Debentures Due 2047
State Street Corporation (“State Street”) (NYSE: STT) today announced that, pursuant to the previously announced cash tender offer (the “Tender Offer”) by its principal banking subsidiary, State Street Bank and Trust Company (the “Bank”) for any and all of the outstanding Floating Rate Junior Subordinated Debentures due 2047 listed in the table below (the “2047 Debentures”), which were issued by State Street, approximately $289.8 million in aggregate principal amount of the 2047 Debentures were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on November 1, 2019 (the “Early Tender Deadline”). The terms of the Tender Offer are described in the Offer to Purchase, dated October 21, 2019 (the “Offer to Purchase”) and remain unchanged.
The table below summarizes certain information regarding the 2047 Debentures and the Tender Offer:
Title of |
CUSIP |
Issuer |
Aggregate |
Interest Rate |
Tender |
Early Payment (1) |
Total |
Principal |
Floating Rate due 2047 |
857477AY9 |
State Street Corporation |
$800,000,000 |
LIBOR plus 1.00% |
$820 |
$30 |
$850 |
$289,820,000 |
(1) Per $1,000 principal amount of 2047 Debentures validly tendered (and not validly withdrawn) and accepted for purchase. Excludes accrued and unpaid interest, which will be paid on 2047 Debentures accepted for purchase as described herein.
(2) Includes the Early Tender Payment for 2047 Debentures validly tendered prior to the Early Tender Date (and not validly withdrawn) and accepted for purchase.
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Holders of 2047 Debentures validly tendered and not validly withdrawn on or prior to the Early Tender Deadline, which has now passed, are eligible to receive the applicable Total Consideration (as defined below), which includes an early tender payment of $30 per $1,000 principal amount of 2047 Debentures tendered by such holders and accepted for purchase by the Bank (the “Early Tender Payment”). Accrued and unpaid interest up to, but not including, the settlement date will be paid in cash on all validly tendered 2047 Debentures accepted and purchased by the Bank in the Tender Offer.