AI English summary of an SEC filing — figures as filed
State Street STTState Street said it filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on July 18, 2024 to fix the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. The liquidation preference is $100,000 per share.
Key points
AI summaryState Street said it filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on July 18, 2024 to fix the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. The liquidation preference is $100,000 per share.
The company entered into an underwriting agreement on July 17, 2024 with Goldman Sachs & Co. LLC and UBS Securities LLC as representatives of the underwriters. The agreement covers the issue and sale of 850,000 depositary shares, each representing a 1/100th ownership interest in a share of Series J preferred stock, totaling 1 shares.
State Street said the offering was priced at $1,000 per depositary share. It expects net proceeds of about $842.2 million after deducting the underwriting discount and estimated offering expenses.
The company said the offering is being made under a Form S-3 registration statement (File No. 333-265877) filed with the SEC on June 28, 2022, a preliminary prospectus supplement filed on July 17, 2024, and a prospectus supplement filed on July 18. It also said it expects to enter into a deposit agreement with Equiniti Trust Company, LLC as depositary and will file it at a later date.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Filing Articles of Amendment to Set Series J Preferred Stock Terms
State Street said it filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on July 18, 2024 to fix the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. The liquidation preference is $100,000 per share.
Source · Based on the filing body and exhibits
Underwriting Agreement for 850,000 Series J-Linked Depositary Shares
The company entered into an underwriting agreement on July 17, 2024 with Goldman Sachs & Co. LLC and UBS Securities LLC as representatives of the underwriters. The agreement covers the issue and sale of 850,000 depositary shares, each representing a 1/100th ownership interest in a share of Series J preferred stock, totaling 1 shares.
Source · Based on the filing body and exhibits
Depositary Share Offering Price and Expected Net Proceeds
State Street said the offering was priced at $1,000 per depositary share. It expects net proceeds of about $842.2 million after deducting the underwriting discount and estimated offering expenses.
Source · Based on the filing body and exhibits
Form S-3 Offering Documents and Planned Deposit Agreement
The company said the offering is being made under a Form S-3 registration statement (File No. 333-265877) filed with the SEC on June 28, 2022, a preliminary prospectus supplement filed on July 17, 2024, and a prospectus supplement filed on July 18. It also said it expects to enter into a deposit agreement with Equiniti Trust Company, LLC as depositary and will file it at a later date.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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