AI English summary of an SEC filing — figures as filed
State Street STTState Street filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on January 31, 2025 to set the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K. The liquidation preference is $100,000 per share.
Key points
AI summaryState Street filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on January 31, 2025 to set the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K. The liquidation preference is $100,000 per share.
State Street entered into an underwriting agreement on January 30, 2025 with BofA Securities, Inc. and Morgan Stanley & Co. LLC as representatives of the underwriters to issue and sell 750,000 depositary shares, each representing a 1/100th ownership interest in a share of preferred stock.
The company said the offering was priced at $1,000 per depositary share. It said it expects net proceeds of about $743.1 million, after deducting the underwriting discount and estimated offering expenses.
State Street said it expects to enter into a deposit agreement with Equiniti Trust Company, LLC as depositary in connection with the depositary shares. It said the agreement will be filed 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.
Articles of amendment to set Series K preferred terms
State Street filed Articles of Amendment with the Massachusetts Secretary of the Commonwealth on January 31, 2025 to set the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K. The liquidation preference is $100,000 per share.
Source · Based on the filing body and exhibits
Underwriting agreement for 750,000 depositary shares
State Street entered into an underwriting agreement on January 30, 2025 with BofA Securities, Inc. and Morgan Stanley & Co. LLC as representatives of the underwriters to issue and sell 750,000 depositary shares, each representing a 1/100th ownership interest in a share of preferred stock.
Source · Based on the filing body and exhibits
Offering price and expected net proceeds
The company said the offering was priced at $1,000 per depositary share. It said it expects net proceeds of about $743.1 million, after deducting the underwriting discount and estimated offering expenses.
Source · Based on the filing body and exhibits
Planned deposit agreement and later filing
State Street said it expects to enter into a deposit agreement with Equiniti Trust Company, LLC as depositary in connection with the depositary shares. It said the agreement will be filed 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.
Loading the filing text…