State Street’s 6% noncumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Phoenix, Dec. 1 – State Street Corp.’s $750 million of 6% series E noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Monday.

The deal came Nov. 18. The ticker symbol is “STTPE.”

The preferreds were issued as depositary shares representing a 1/4,000th interest.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunning managers.

Dividends are payable on the 15th day of March, June, September and December, beginning March 15.

The preferreds become redeemable on or after Dec. 15, 2019 at par plus accrued dividends. The company can redeem the preferreds prior to that date, in whole, upon the occurrence of a regulatory capital treatment event.

Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, investments in or loans to subsidiaries, refinancing of outstanding debt or capital securities, share repurchases, dividends, potential acquisitions and the satisfaction of other obligations.

State Street is a Boston-based financial holding company.

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