State Street Raises $495.7M via Preferred Stock Offering

State Street Corporation successfully completed a public offering, issuing and selling 500,000 depositary shares. These shares represent a 1/100th ownership interest in the company's Series L Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock. The offering generated approximately $495.7 million in net proceeds for State Street, after accounting for underwriting discounts and estimated expenses. The Series L Preferred Stock carries a liquidation preference of $100,000 per share, translating to $1,000 per depositary share.