State Street Corporation to Redeem $1.0B of Preferred Stock in the First Quarter of 2024

By: State Street Corporation via Business Wire

February 08, 2024 at 16:20 PM EST

State Street Corporation (NYSE: STT) today announced that it will redeem $750 million, or all of its 7,500 outstanding shares, of non-cumulative perpetual preferred stock, Series D (“Series D Preferred Stock”) (represented by 30,000,000 depositary shares, each representing a 1/4000th interest in a share of Series D Preferred Stock) on March 15, 2024 (the “Redemption Date”), for cash at a redemption price of $100,000 per share (equivalent to $25 per depositary share) plus all dividends that have been declared but not paid up to but not including the Redemption Date (the “Series D Redemption Price”). Additionally, State Street Corporation will redeem $250 million, or all of the remaining 2,500 outstanding shares, of non-cumulative perpetual preferred stock, Series F (“Series F Preferred Stock”) (represented by 250,000 depositary shares, each representing a 1/100th interest in a share of Series F Preferred Stock) on the Redemption Date, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all dividends that have been declared but not paid up to but not including the Redemption Date (the “Series F Redemption Price”).

As previously announced, (i) a cash dividend of $1,475.00 per share of Series D Preferred Stock (or approximately $0.368750 per depositary share) (the “Series D Dividend”) has been declared for the period from December 15, 2023 up to but not including the Redemption Date and (ii) a cash dividend of $2,336.49 per share of Series F Preferred Stock (or approximately $23.364900 per depositary share) (the “Series F Dividend”) has been declared for the period from December 15, 2023 up to but not including the Redemption Date (together, the “March Dividends”). The March Dividends will be paid separately to the holders of record of the Series D Preferred Stock and the Series F Preferred Stock as of February 29, 2024 in the customary manner on the Redemption Date. Accordingly, the Series D Dividend will not be included in the Series D Redemption Price and the Series F Dividend will not be included in the Series F Redemption Price. From and after the Redemption Date, no shares of Series D Preferred Stock and no shares of Series F Preferred Stock will be deemed outstanding and the only remaining rights of the holders of the Series D Preferred Stock and the Series F Preferred Stock will be to receive payment of the Series D Redemption Price or Series F Redemption Price, as applicable.

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 $41.8 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management as of December 31, 2023 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Forward Looking Statements

This press release contains forward-looking statements that are not historical in nature. Such forward-looking statements are subject to risks and uncertainties, including competitive factors, government regulation and general economic conditions and other risks and uncertainties described in State Street’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of State Street, as filed with the U.S. Securities and Exchange Commission. In some cases, you can identify these statements by forward-looking words, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. State Street does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240208244803/en/

Contacts

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Ilene Fiszel Bieler

+1 617 664 3477

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State Street Corporation to Redeem $1.0B of Preferred Stock in the First Quarter of 2024

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