BOSTON - State Street Corporation (NYSE:STT), a leading financial services provider, today announced plans to redeem its outstanding preferred stock for a total cash value of $1 billion. The redemption will take place on March 15, 2024, and will include all 7,500 shares of Series D Preferred Stock and all 2,500 shares of Series F Preferred Stock.
The company has stated that the redemption price for Series D Preferred Stock will be $100,000 per share, equivalent to $25 per depositary share, plus any declared but unpaid dividends. Similarly, the Series F Preferred Stock will be redeemed at $100,000 per share, equivalent to $1,000 per depositary share, inclusive of corresponding dividends.
State Street also disclosed that cash dividends for both Series D and Series F Preferred Stock have been declared for the period starting December 15, 2023, up to but excluding the redemption date. The dividend for Series D Preferred Stock is approximately $0.368750 per depositary share, while the dividend for Series F Preferred Stock is approximately $23.364900 per depositary share. These dividends will be paid to holders of record as of February 29, 2024, on the redemption date, separate from the redemption price.
Following the redemption date, the Series D and Series F Preferred Stock will no longer be considered outstanding, and the holders will retain only the right to receive the redemption payment.
State Street Corporation, with $41.8 trillion in assets under custody/administration and $4.1 trillion in assets under management as of December 31, 2023, serves institutional investors globally across various financial services, including investment servicing, management, research, and trading. The company employs approximately 46,000 people worldwide.
This announcement is based on a press release statement from State Street Corporation and contains forward-looking statements subject to risks and uncertainties. These include factors such as competition, government regulation, and economic conditions, as detailed in the company's periodic reports filed with the U.S. Securities and Exchange Commission.
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