State Street Corp. (NYSE: STT) has filed for the potential resale of preferred stock, common stock, and warrants which was purchased by Uncle Sam in a recent transaction. This allows for the resale of up to $2.0 billion in series B cumulative perpetual preferred stock and up to $300 million in warrants and underlying shares.
This relates to the potential resale of the Fixed Rate CumulativePreferred Stock, Series B, a warrant to purchase 5,576,208 shares ofcommon stock, and any shares of common stock issuable from time to timeupon exercise of the warrant.
The series B preferred stock and thewarrant were originally issued pursuant to the Letter Agreement datedOctober 26, and the related Securities Purchase Agreement –Standard Terms, between State Street and the United States Departmentof the Treasury. This was a transaction exempt from the registrationrequirements of the Securities Act of 1933, as amended, or theSecurities Act.
State Street closed up 4.6% at $37.75 in regular trading and the stockis down about 1.5% at $37.16 in after-hours trading after the filingwas made.
State Street’s market cap is roughly $16.3 billion after today’s close.
Jon C. Ogg
November 25, 2008
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